Chapter 60C — Minnesota Insurance Guaranty Association Act

60C.01 Citation This section gives the official name for Chapter 60C. It may be called the 'Minnesota Insurance Guaranty Association … 60C.02 Scope, Purposes, and Construction This section explains what types of insurance are covered by the guaranty association and which are not. It covers most … 60C.03 Definitions This section defines the key terms used throughout the Insurance Guaranty Association Act. It explains what counts as a … 60C.04 Creation This section creates the Minnesota Insurance Guaranty Association. All insurance companies licensed to do business in … 60C.05 Powers and Duties This section lists what the guaranty association must do and what it is allowed to do. Required duties include paying … 60C.06 Assessments This section explains how the guaranty association collects money from member insurers to pay claims. Each insurer pays … 60C.07 Plan of Operation This section requires the guaranty association to create a plan of operation and get it approved by the commissioner. … 60C.08 Board of Directors This section sets up the board of directors for the guaranty association. The board has nine members: seven chosen by … 60C.09 Covered Claims This section defines what counts as a 'covered claim' that the guaranty association will pay. To qualify, the claim must … 60C.10 Evaluation of Claims This section gives the board of directors the job of deciding whether claims are covered. If the board decides a claim … 60C.11 Effect of Paid Claims This section explains what happens after the guaranty association pays a claim. The association takes over the … 60C.12 Appeal and Review This section gives claimants the right to appeal if the guaranty association denies or reduces their claim. You can … 60C.13 Exhaustion of Other Coverage This section says you must use any other insurance coverage you have before the guaranty association will pay. If you … 60C.14 Duties and Powers of Commissioner This section describes the Commissioner of Commerce's role in overseeing the guaranty association. The commissioner must … 60C.15 Prevention of Insolvencies This section allows the guaranty association's board to help prevent future insurer bankruptcies. The board can … 60C.16 Examination of Association This section makes the guaranty association subject to examination and regulation by the Commissioner of Commerce. The … 60C.17 Tax Exemption This section exempts the guaranty association from most state and local taxes. The association does not have to pay … 60C.18 Recognition of Assessments in Rates This section allows insurance companies to include guaranty association assessment costs in their rates. Insurers can … 60C.19 Immunity This section protects the guaranty association, its board members, employees, member insurers, and the commissioner from … 60C.195 Stay of Proceedings This section pauses all court cases involving a bankrupt insurer for at least six months. The stay gives the guaranty … 60C.20 Unfair Trade Practices This section makes it illegal for insurance companies or agents to use the guaranty association's protection as a … 60C.21 Insolvency; Notice of Guaranty Fund Protection This section requires insurers and agents to give customers a written notice about guaranty fund protection when selling … 60C.22 Notice for Policy or Contract Not Covered This section requires a warning notice on insurance policies that are not covered by any Minnesota guaranty association. …