Chapter 60A — Minnesota Surplus Lines Insurance Act

60A.01 Scope This chapter covers the general rules for how insurance is regulated and managed in Minnesota. 60A.02 Definitions Defines key insurance terms used throughout Minnesota insurance law, such as 'insurer,' 'policy,' and 'premium.' 60A.03 Commissioner of Commerce The Commissioner of Commerce oversees insurance regulation in Minnesota, appointed by the governor. 60A.031 Examinations The commissioner can examine any insurance company's records and operations at any time to protect the public. 60A.032 Commissioner's Orders, Report When the commissioner sends an insurance company an order based on an examination report, the commissioner must … 60A.033 Scheduling Conference and Order Sets rules for scheduling conferences and orders when the commissioner conducts market analysis examinations. 60A.035 Government Controlled or Owned Company Prohibited From Transacting Business Government-owned or government-controlled insurance companies generally cannot do business in Minnesota. 60A.04 This section was repealed and is no longer in effect. 60A.05 This section was repealed and is no longer in effect. 60A.051 This section was repealed and is no longer in effect. 60A.052 Certificates of Authority; Enforcement Actions The commissioner can take enforcement actions against insurance companies, including revoking their authority to do … 60A.053 This section was repealed and is no longer in effect. 60A.06 Kinds of Insurance Permitted Lists the different types of insurance that companies are allowed to sell in Minnesota. 60A.07 Authorization and Requirements Sets the requirements for insurance companies to get authorized to do business in Minnesota. 60A.075 This section was repealed and is no longer in effect. 60A.076 This section was repealed and is no longer in effect. 60A.077 This section was repealed and is no longer in effect. 60A.078 Short Title Provides the short title for the life insurance insurable interest rules (sections 60A.078 to 60A.0789). 60A.0782 Definitions Defines the terms used in the Insurable Interest Act (sections 60A.078 to 60A.0789), including "settlement contract," … 60A.0783 Insurable Interest Required You must have an insurable interest in someone's life to buy a life insurance policy on them. 60A.0784 Prohibited Practices Lists practices that are prohibited in life insurance transactions, including stranger-originated life insurance … 60A.0785 Prohibition; Entry Into Settlement Contracts A prospective purchaser generally cannot enter into a settlement contract to acquire a life insurance policy (or a … 60A.0786 Presumption of Stoli Practices Certain activities create a legal presumption that a life insurance policy is part of an illegal scheme. 60A.0787 Processing Change of Ownership or Beneficiary Requests Insurance companies must follow specific rules when processing requests to change a policy's owner or beneficiary. 60A.0788 Fraudulent Acts It is a crime to commit fraud in connection with life settlements or stranger-originated life insurance. 60A.0789 Remedies Courts can order violators of life insurance insurable interest laws to pay damages and return profits. 60A.08 Contracts of Insurance Sets rules for what insurance contracts must include and how policies must be structured in Minnesota. 60A.081 Aircraft Insurance Regulates what aircraft insurance policies issued or delivered in Minnesota may and may not exclude. A policy cannot … 60A.0811 Breach of Insurance Policy; Recovery of Interest When a policyholder prevails on a claim against an insurer for breaching, repudiating, or failing to fulfill its duties … 60A.0812 Property and Casualty Policy Exclusions Known as the Family Protection Act, this section bars certain insurance policies from excluding bodily injury liability … 60A.082 Group Insurance; Benefits Continued if Insurer Changed When an employer switches group insurance providers, employees must keep equivalent benefits during the transition. 60A.084 Notification on Group Policies An employer that provides life or health benefits may not change those benefits, limit coverage, or otherwise restrict … 60A.085 Cancellation of Group Coverage; Notification to Covered Persons A cancellation of a group life, accidental death and dismemberment, disability income, or medical expense policy … 60A.086 Retroactive Termination of Coverage Under Group Policies Prohibited A group health, life, accidental death and dismemberment, or disability income plan may not retroactively cancel, … 60A.09 Limits of Risk; Reinsurance Limits how much risk an insurance company can take on one policy and allows them to share risk through reinsurance. 60A.091 Definition; Qualified United States Financial Institution Defines "qualified United States financial institution" for purposes of sections 60A.092 and 60A.093 (reinsurance … 60A.092 Reinsurance Credit Allowed a Domestic Ceding Insurer Sets rules for when a Minnesota insurance company can take credit on its financial statements for reinsurance it has … 60A.0921 Credit for Reinsurance; Certified Reinsurers Establishes a certification process for reinsurers that allows ceding insurers to receive credit for reinsurance. 60A.093 Reduction From Liability for Reinsurance Ceded by a Domestic Insurer; Collateral Requirements When a domestic insurer cedes reinsurance to an assuming insurer that does not meet the requirements of section 60A.092, … 60A.094 Rules The commissioner can adopt rules to implement the reinsurance credit and collateral requirements. 60A.095 Reinsurance Agreements Affected This section defines which reinsurance agreements are covered by sections 60A.091 to 60A.093. Those sections apply to … 60A.096 Qualifying Letter of Credit Sets requirements for letters of credit used as security in reinsurance transactions. 60A.097 Qualifying Trust Agreements Sets requirements for trust agreements used as security in reinsurance transactions. 60A.10 Deposits for Protection of Policyholders Insurance companies must keep securities on deposit with the commissioner for the protection of their policyholders. For … 60A.101 This section was repealed and is no longer in effect. 60A.11 Investments Permitted for Domestic Companies Lists the types of investments that Minnesota insurance companies are allowed to make with their funds. 60A.111 This section was repealed and is no longer in effect. 60A.112 Investment Policy Required Insurance companies must have a written investment policy approved by their board of directors. 60A.12 Assets and Liabilities Almost all of this section has been repealed. The only part still in effect is the rule on loss reserves: when the … 60A.121 Valuations; Definitions Defines terms used in the rules about how insurance companies must value their property and investments. 60A.122 Required Written Procedures for Valuations An insurer must establish written procedures, approved by its board of directors, for valuing its commercial mortgage … 60A.123 Valuation Procedure This section sets out how an insurer must value its commercial mortgage loans and real estate acquired through … 60A.124 Independent Audit The independent certified public accountant who audits an insurer's annual statement (as required under section … 60A.125 Appraisal by Independent Appraiser An insurer may rely on an independent appraiser's appraisal to set the carrying value of mortgage loans in the process … 60A.126 Reports to Board; Valuations The insurer's management must give periodic reports, at least annually, to its board of directors or an appropriate … 60A.127 Independent Appraisals of Certain Properties This section requires a domestic insurer that does not independently appraise all of its distressed, delinquent, and … 60A.128 This section was repealed and is no longer in effect. 60A.1285 Other Impairments When distressed or delinquent mortgage loans being valued under section 60A.123, subdivisions 3 and 4, are determined to … 60A.129 This section was repealed and is no longer in effect. 60A.1291 Annual Audit Insurance companies must have an annual financial audit performed by an independent certified public accountant. 60A.1295 Actuarial Opinion of Reserves and Supporting Documentation Insurance companies must get an actuarial opinion stating that their reserves are adequate to cover future claims. 60A.1296 Confidentiality The actuarial opinion itself is treated as a public document filed with the annual statement. The materials that support … 60A.13 Annual Statement, Inquiries, Renewal Licenses Insurance companies must file an annual financial statement with the commissioner and can be investigated at any time. 60A.131 Other Business and Insurance Interests, Disclosure Insurance companies must disclose their business interests and connections with other insurance entities. 60A.135 Report; Certain Transactions Insurance companies based in this state must file a report with the commissioner disclosing material acquisitions and … 60A.136 Acquisitions and Dispositions of Assets Insurance companies must report significant acquisitions or sales of assets to the commissioner. 60A.137 Nonrenewals, Cancellations, or Revisions of Ceded Reinsurance Agreements Insurance companies must report when they cancel or significantly change their reinsurance agreements. 60A.139 Electronic Notices and Documents Insurance companies can deliver notices and documents electronically if the policyholder agrees. 60A.1391 Corporate Governance Annual Disclosure Insurance companies must file an annual report about their corporate governance practices. 60A.14 Fees Lists the fees that insurance companies must pay to the state for licenses, filings, and other services. 60A.15 This section was repealed and is no longer in effect. 60A.151 This section was repealed and is no longer in effect. 60A.152 This section was repealed and is no longer in effect. 60A.16 Mergers and Consolidations Sets rules for how insurance companies can merge with or be absorbed by other insurance companies. 60A.161 Insurer Domestication and Conversion Allows insurance companies from other states to move their legal home to Minnesota, and vice versa. 60A.17 This section has been repealed in its entirety. Every subdivision was struck by the Legislature in 1981 and 1992, so the … 60A.1701 This section no longer appears at 60A.1701. The statute text was renumbered to section 60K.19. To find the current law, … 60A.171 Rehabilitation and Cancellation of Independent Agent Contracts by Insurance Companies This section limits how insurance companies that write fire or casualty loss insurance in Minnesota can terminate … 60A.172 Insurance Agency Contracts; Cancellation An insurer cannot cancel an agent's written agreement, or reduce or restrict the agent's property or casualty … 60A.173 Effective Date This section sets the effective date for section 60A.172, the loss-ratio cancellation rules. Section 60A.172 is … 60A.174 Severability This section is a narrow severability provision tied to two specific sections. It says that if section 60A.173 is found … 60A.175 Agent Commissions An insurer that cancels an agent's written agreement (under section 60A.171 or 60A.172) or cancels a line of business … 60A.1755 Agent Errors and Omissions Insurance; Choice of Source An insurance company generally cannot require an agent to buy errors and omissions (professional liability) coverage … 60A.176 Definitions This section defines terms used in it and in section 60A.177. "Agent" means an agent who is not an employee of the … 60A.177 Involuntary Termination of an Agent by the Insurer This section sets the process an insurer must follow to involuntarily terminate an agent. The insurer must offer a … 60A.178 Life or Health Insurance Sales Quotas An insurer, its officers, or managers cannot require a licensed property and casualty agent to sell a set number of life … 60A.179 Life or Health Insurance Sales Quotas for Exclusive Agents For an insurance agent who has been licensed as an agent for three years or more, an insurer cannot require the agent to … 60A.18 This section was repealed and is no longer in effect. 60A.19 Foreign Companies Sets rules for out-of-state (foreign) insurance companies that want to do business in Minnesota. 60A.195 Citation Provides the short title for the surplus lines insurance regulations. 60A.196 Definitions Defines terms used in surplus lines insurance regulation, such as 'surplus lines broker' and 'eligible surplus lines … 60A.197 Rates and Forms Surplus lines insurers generally do not need to file their rates or policy forms with the state. 60A.198 Transaction of Nonadmitted Insurance Sets the rules for who may transact nonadmitted (surplus lines) insurance in Minnesota and how. A person cannot act as … 60A.199 Examinations Lets the commissioner examine the books and records of a surplus lines broker when the commissioner thinks it necessary … 60A.20 This section was repealed and is no longer in effect. 60A.201 Placement of Insurance by Broker A surplus lines broker cannot place insurance with a nonadmitted (unlicensed) insurer when the coverage is available … 60A.202 Evidence of Placement of Insurance by Broker Only a surplus lines broker may issue evidence that insurance has been placed with a nonadmitted (unlicensed) insurer. … 60A.203 Retention of Records Surplus lines brokers must keep records of their transactions for at least five years. 60A.204 Fees and Commissions Sets rules for fees and commissions that surplus lines brokers can charge. 60A.205 Compensation A surplus lines broker may be paid by an eligible surplus lines insurer and may in turn pay a licensed Minnesota agent … 60A.206 Qualification as Eligible Surplus Lines Insurer Sets the requirements for an insurance company to qualify as an eligible surplus lines insurer in Minnesota. 60A.207 Policies to Include Notice Surplus lines insurance policies must include a notice that the insurer is not licensed in Minnesota. 60A.208 Broker Association Allows surplus lines brokers to form a voluntary association that the commissioner may register to advise on market … 60A.2085 Surplus Lines Association of Minnesota Creates the Surplus Lines Association of Minnesota to help regulate surplus lines insurance. 60A.2086 Licensee's Duty to Submit Documents; Penalty Requires a surplus lines broker to submit every insurance policy or contract issued under the broker's license to the … 60A.209 Insurance Procured From Ineligible Insurers Sets rules for when insurance is purchased from an ineligible surplus lines insurer. 60A.2095 Construction This section limits how Minnesota's surplus lines laws (sections 60A.195 to 60A.209) may be applied to risk retention … 60A.21 Unauthorized Insurers Process Act Allows Minnesota residents to serve legal process on unauthorized insurance companies through the commissioner. 60A.22 Special Provisions as to Stock Companies; Stockholders, Officers, Directors and Investors Sets rules for stock insurance companies, including requirements for stockholders, officers, and directors. 60A.23 Miscellaneous This catch-all section gathers several unrelated insurance rules. It covers personal liability of insurance company … 60A.235 Standards for Determining Whether Contracts Are Health Plan Contracts or Stop Loss Contracts Sets standards to determine whether a contract is a health plan or a stop loss insurance contract. 60A.236 Stop Loss Regulation; Small Employer Coverage Regulates stop loss insurance coverage issued or renewed to a small employer (as defined in section 62L.02, subdivision … 60A.24 Exemptions From Insurance Laws of This State Exempts from all of Minnesota's insurance laws the organizations listed in section 64B.38, which relates to fraternal … 60A.25 Insolvent Companies When an insurance company authorized in Minnesota is adjudicated insolvent or has its policies declared void, the … 60A.26 Suspension of Insurers; Notifications and Reports When the commissioner of commerce suspends a foreign or domestic insurer's right to transact business in Minnesota, the … 60A.27 Discipline of Insurer by Another State; Notice to Commissioner If another state disciplines an insurance company, that company must notify the Minnesota commissioner. 60A.28 Documents Filed With Commissioner, Verification Documents filed with the commissioner must be verified under oath or as permitted by law. 60A.29 Nonprofit Risk Indemnification Trust Act Creates rules for nonprofit risk indemnification trusts that provide coverage for nonprofit organizations. 60A.30 This section was repealed and is no longer in effect. The body cross-references section 60A.351. 60A.31 This section was repealed and is no longer in effect. The body cross-references section 60A.352. 60A.315 Expedited Form and Rate Filing Allows insurance companies to use an expedited process for filing rates and policy forms. 60A.32 Rate Filing for Crop Hail Insurance Sets special rate filing rules for crop hail insurance. 60A.35 Scope Sets which insurance policies are covered by sections 60A.35 to 60A.38, the rules on cancellation and nonrenewal. These … 60A.351 Renewal of Insurance Policy With Altered Rates When an insurer renews a commercial liability or property policy at less favorable terms (lower coverage, higher … 60A.352 Workers' Compensation Insurance A workers' compensation insurance policy issued to cover liability under Minnesota Statutes 1984, chapter 176, must … 60A.36 Midterm Cancellation Sets rules for when and how insurance companies can cancel a policy in the middle of its term. 60A.37 Nonrenewal Sets rules for when and how insurance companies can refuse to renew an insurance policy. 60A.38 Interpretation and Penalties Explains how the cancellation and nonrenewal rules are interpreted and what penalties apply for violations. 60A.39 Certificates of Insurance Regulates certificates of insurance to ensure they accurately represent the coverage provided. 60A.40 This section was repealed and is no longer in effect. 60A.41 Subrogation Against Insureds Prohibited Insurance companies cannot use subrogation to collect from their own policyholders. 60A.42 Disability Income Coverage; Prohibited Provision Disability income insurance policies issued in Minnesota cannot include a discretionary clause: a provision that … 60A.43 Disability Income Coverage; Disclosure A long-term disability insurance policy that limits how long it will cover mental health or substance use disorders … 60A.50 Definitions Defines terms used in the risk-based capital rules for health organizations. 60A.51 Rbc Reports Each domestic health organization must prepare and file a risk-based capital (RBC) report with the commissioner on or … 60A.52 Company Action Level Event If a health organization's capital falls to the company action level, it must submit a plan to fix the problem. 60A.53 Regulatory Action Level Event If a health organization's capital falls to the regulatory action level, the commissioner can take corrective action. 60A.54 Authorized Control Level Event If a health organization's capital falls to the authorized control level, the commissioner may take control. 60A.55 Mandatory Control Level Event If a health organization's capital falls to the mandatory control level, the commissioner must take control. 60A.56 Hearings Health organizations can request a hearing before the commissioner takes action based on capital levels. 60A.57 Access to and Use of Rbc Information Risk-based capital (RBC) information that health organizations file is confidential and is not public data, applying the … 60A.58 Supplemental Provisions The risk-based capital sections (60A.50 to 60A.592) are supplemental to Minnesota's other insurance laws and do not … 60A.59 Foreign Health Organizations Foreign (out-of-state) health organizations doing business in Minnesota are subject to the state's risk-based capital … 60A.591 Immunity The commissioner, the department, and its employees and agents face no liability and no cause of action for any action … 60A.592 Notices This section sets when the commissioner's notices to a health organization that may lead to regulatory action under the … 60A.60 Definitions This section defines the terms used in Minnesota's risk-based capital rules for insurance companies (sections 60A.60 to … 60A.61 Risk-based Capital Reports Every domestic insurance company must prepare and submit a risk-based capital report to the commissioner on or before … 60A.62 Company Action Level Event When an insurer's capital drops to the company action level (the first and least severe regulatory trigger), the insurer … 60A.63 Regulatory Action Level Event If an insurer's capital falls to the regulatory action level, the commissioner can require corrective action. 60A.64 Authorized Control Level Event If an insurer's capital falls to the authorized control level, the commissioner may take control of the company. 60A.65 Mandatory Control Level Event If an insurer's capital falls to the mandatory control level, the commissioner must take control. 60A.66 Hearings An insurer has the right to a confidential hearing, conducted on the record under chapter 14, to challenge the … 60A.67 Confidentiality Risk-based capital reports, capital plans, examination results, and corrective orders that domestic or foreign insurers … 60A.68 Supplemental Provisions; Rules; Exemption The risk-based capital sections (60A.60 to 60A.696) are in addition to the state's other insurance laws and do not limit … 60A.69 Foreign Insurers On the commissioner's written request, a foreign insurer must submit a risk-based capital report by the later of the … 60A.695 Immunity Regulators acting in good faith on risk-based capital matters are immune from lawsuits. 60A.696 Notices This section governs when the commissioner's notices to an insurer take effect under the risk-based capital provisions … 60A.70 Title Provides the title for the reinsurance intermediary regulation laws. 60A.705 Definitions Defines terms used in reinsurance intermediary regulation, such as 'reinsurance intermediary-broker' and 'manager.' 60A.71 Licensure Reinsurance intermediary-brokers and managers must be licensed before acting in Minnesota, with licensing tied to being … 60A.715 Required Contract Provisions; Reinsurance Intermediary-brokers Reinsurance intermediary-broker contracts must include specific provisions required by law. 60A.72 Books and Records; Reinsurance Intermediary-brokers Reinsurance intermediary-brokers must maintain proper books, records, and accounts. 60A.725 Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-broker An insurer may use a reinsurance intermediary-broker only if that broker is licensed as required by law. The insurer … 60A.73 Required Contract Provisions; Reinsurance Intermediary-managers Reinsurance intermediary-manager contracts must include specific provisions required by law. 60A.735 Prohibited Acts Lists actions that reinsurance intermediary-managers are prohibited from taking. 60A.74 Duties of Reinsurer Utilizing the Services of a Reinsurance Intermediary-manager Reinsurance companies that use intermediary-managers must maintain oversight of the manager's activities. 60A.745 Examination Authority; Reinsurance Intermediary - Broker The commissioner can examine reinsurance intermediary-brokers at any time. 60A.75 Violations A reinsurance intermediary, insurer, or reinsurer found by the commissioner (after a hearing) to violate the reinsurance … 60A.755 Scope This section is a savings clause for the reinsurance intermediary provisions in sections 60A.70 to 60A.756. It states … 60A.756 Rules This section gives the commissioner authority to adopt rules for the implementation and administration of the … 60A.76 Purpose and Scope Establishes the purpose and scope of the minimum reserve standards for accident and health insurance. These standards … 60A.761 Glossary of Technical Terms Used Defines the technical terms used throughout the accident and health insurance reserve standards in sections 60A.76 to … 60A.762 Categories of Reserves Lists the three categories of health insurance reserves that have minimum standards: claim reserves (section 60A.763), … 60A.763 Claim Reserves Sets the rules for how insurers must calculate claim reserves for all health insurance policies, covering incurred but … 60A.764 Premium Reserves Sets the rules for how insurers must calculate premium reserves for health insurance contracts, focusing on unearned … 60A.765 Contract Reserves Required Life and health insurance companies must hold contract reserves for long-duration policies. 60A.766 Minimum Standards for Contract Reserves Sets minimum standards for calculating contract reserves, including mortality and interest rate assumptions. 60A.767 Reinsurance Sets rules for how reinsurance affects the reserve calculations of life and health insurance companies. 60A.768 Specific Standards for Morbidity, Interest, and Mortality Sets the specific mortality, morbidity, and interest rate standards used in reserve calculations. 60A.80 This section was repealed and is no longer in effect. 60A.801 This section was repealed and is no longer in effect. 60A.802 This section was repealed and is no longer in effect. 60A.803 Life and Health Reinsurance Agreements Sets rules for life and health reinsurance agreements to ensure they represent genuine risk transfer. 60A.90 Scope This section sets the scope of sections 60A.90 to 60A.94. Those sections apply to all domestic, foreign, and alien … 60A.91 Filing Requirements Each domestic, foreign, and alien insurer authorized to transact insurance in Minnesota must, annually on or before … 60A.92 Immunity People who share information with regulators in good faith are protected from lawsuits. 60A.93 Confidentiality Information shared with the commissioner under these rules is confidential and not public data. 60A.94 Revocation of Certificate of Authority The commissioner may suspend, revoke, or refuse to renew an insurer's certificate of authority if the insurer fails to … 60A.951 Definitions Defines terms used in the insurance fraud prevention laws. 60A.952 Disclosure of Information Insurance companies must share information about suspected fraud with law enforcement and regulators. 60A.953 Enforcement; Refusal to Cooperate With an Investigation Intentionally failing to provide information required for a fraud investigation, or failing to report insurance fraud as … 60A.954 Insurance Antifraud Plan Insurers must institute, implement, and maintain a written antifraud plan with procedures to prevent insurance fraud, … 60A.955 Claim Forms to Contain Fraud Warning Insurance claim forms must include a warning that submitting a false claim is insurance fraud. 60A.956 Other Law Enforcement Authority Other law enforcement agencies can also investigate and prosecute insurance fraud. 60A.957 Definitions Defines terms used in the viatical settlement (life settlement) regulation laws. 60A.9572 License and Bond Requirements Viatical settlement providers and brokers must be licensed and bonded to operate in Minnesota. 60A.9573 License Revocation and Denial The commissioner can revoke or deny a viatical settlement license for violations or misconduct. 60A.9574 Approval of Viatical Settlement Contracts and Disclosure Statements Viatical settlement contracts and disclosure forms must be approved by the commissioner before use. 60A.9575 Reporting Requirements and Privacy Viatical settlement providers must file annual reports and protect the privacy of people who sell their policies. 60A.9577 Disclosure to Viator Viatical settlement providers must give sellers specific disclosures about the transaction and its effects. 60A.9579 General Rules This section sets the general operating rules for viatical settlement transactions (sales of a life insurance policy by … 60A.9581 Prohibited Practices and Conflicts of Interest Lists prohibited practices and conflicts of interest in viatical settlement transactions. 60A.9582 Advertising for Viatical Settlements and Viatical Settlements Purchase Agreements Regulates how viatical settlement companies can advertise their services. 60A.9583 Fraud Prevention and Control Establishes rules for preventing and detecting fraud in viatical settlement transactions. 60A.9585 Unfair Trade Practice Violations of viatical settlement rules are treated as unfair trade practices under insurance law. 60A.961 This section was repealed and is no longer in effect. 60A.962 This section was repealed and is no longer in effect. 60A.963 This section was repealed and is no longer in effect. 60A.964 Fees This section sets the licensing fees for a viatical settlement provider, viatical settlement broker, or viatical … 60A.965 This section was repealed and is no longer in effect. 60A.966 This section was repealed and is no longer in effect. 60A.967 This section was repealed and is no longer in effect. 60A.968 This section was repealed and is no longer in effect. 60A.969 This section was repealed and is no longer in effect. 60A.970 This section was repealed and is no longer in effect. 60A.971 This section was repealed and is no longer in effect. 60A.972 This section was repealed and is no longer in effect. 60A.973 This section was repealed and is no longer in effect. 60A.974 This section was repealed and is no longer in effect. 60A.975 Definitions This section defines terms used in sections 60A.975 and 60A.976, which deal with structured settlements. It defines … 60A.976 Annuity Issuers Financial Requirements An annuity bought to fund a structured settlement agreement may be purchased only from an annuity issuer with a strong … 60A.98 This section was repealed and is no longer in effect. 60A.981 This section was repealed and is no longer in effect. 60A.982 This section was repealed and is no longer in effect. 60A.985 Definitions Defines terms used in the insurance data security laws, such as 'cybersecurity event' and 'licensee.' 60A.9851 Information Security Program Insurance companies must have a written information security program to protect customer data. 60A.9852 Investigation of a Cybersecurity Event Insurance companies must investigate cybersecurity events that may compromise customer data. 60A.9853 Notification of a Cybersecurity Event Insurance companies must notify the commissioner and affected individuals after a cybersecurity event. 60A.9854 Power of Commissioner The commissioner has power to investigate and enforce the insurance cybersecurity requirements. 60A.9855 Confidentiality Information about cybersecurity events shared with the commissioner is confidential. 60A.9856 Exceptions This section lists exceptions to Minnesota's insurance data security rules (sections 60A.985 to 60A.9857). A licensee … 60A.9857 Penalties Insurance companies that violate cybersecurity requirements can face penalties. 60A.9858 Exclusivity These cybersecurity rules are the exclusive state-level requirements for insurance data security. 60A.99 Interstate Insurance Product Regulation Compact Minnesota joins the Interstate Insurance Product Regulation Compact to coordinate insurance regulation across states. 60A.991 Interstate Insurance Product Regulation Compact Opt Out Administration This section requires the insurance commissioner to opt out, by regulation, of any uniform compact standard that would … 60K.19 This section has no operative text. All of its subdivisions (1 through 11) were repealed in 2001 by 2001 c 117 art 1 s …