Chapter 60K — Purpose and Scope on MinnesotaLawyer.com http://localhost:39729/statutes/chapter-60k/ Recent content in Chapter 60K — Purpose and Scope on MinnesotaLawyer.com Hugo en-us § 60K.01 http://localhost:39729/statutes/chapter-60k/60k.01/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.01/ This section has been repealed or relocated. § 60K.02 http://localhost:39729/statutes/chapter-60k/60k.02/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.02/ This section has been repealed or relocated. § 60K.03 http://localhost:39729/statutes/chapter-60k/60k.03/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.03/ This section has been repealed or relocated. § 60K.04 http://localhost:39729/statutes/chapter-60k/60k.04/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.04/ This section has been repealed or relocated. § 60K.05 http://localhost:39729/statutes/chapter-60k/60k.05/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.05/ This section has been repealed or relocated. § 60K.06 http://localhost:39729/statutes/chapter-60k/60k.06/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.06/ This section has been repealed or relocated. § 60K.07 http://localhost:39729/statutes/chapter-60k/60k.07/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.07/ This section was previously part of the insurance agents chapter but its content has been removed. § 60K.08 http://localhost:39729/statutes/chapter-60k/60k.08/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.08/ This section has been repealed or relocated. § 60K.081 http://localhost:39729/statutes/chapter-60k/60k.081/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.081/ This section has been repealed or relocated. § 60K.09 http://localhost:39729/statutes/chapter-60k/60k.09/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.09/ This section has been repealed or relocated. § 60K.10 http://localhost:39729/statutes/chapter-60k/60k.10/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.10/ This section has been repealed or relocated. § 60K.11 http://localhost:39729/statutes/chapter-60k/60k.11/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.11/ This section has been repealed or relocated. § 60K.12 http://localhost:39729/statutes/chapter-60k/60k.12/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.12/ This section has been repealed or relocated. § 60K.13 http://localhost:39729/statutes/chapter-60k/60k.13/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.13/ This section has been repealed or relocated. § 60K.14 http://localhost:39729/statutes/chapter-60k/60k.14/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.14/ This section has been repealed or relocated. § 60K.15 http://localhost:39729/statutes/chapter-60k/60k.15/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.15/ This section has been repealed or relocated. § 60K.16 http://localhost:39729/statutes/chapter-60k/60k.16/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.16/ This section has been repealed or relocated. § 60K.17 http://localhost:39729/statutes/chapter-60k/60k.17/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.17/ This section has been repealed or relocated. § 60K.18 http://localhost:39729/statutes/chapter-60k/60k.18/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.18/ This section has been repealed or relocated. § 60K.19 http://localhost:39729/statutes/chapter-60k/60k.19/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.19/ This section was previously part of the insurance agents chapter but its content has been removed. § 60K.20 http://localhost:39729/statutes/chapter-60k/60k.20/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.20/ This section has been repealed or relocated. § 60K.30 — Purpose and Scope http://localhost:39729/statutes/chapter-60k/60k.30/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.30/ Sections 60K.30 to 60K.56 set the rules for licensing insurance producers in Minnesota. Surplus lines agents have separate rules. § 60K.31 — Definitions http://localhost:39729/statutes/chapter-60k/60k.31/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.31/ This section defines key terms used in the insurance producer licensing laws, such as insurance producer and line of authority. § 60K.32 — License Required http://localhost:39729/statutes/chapter-60k/60k.32/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.32/ You cannot sell, solicit, or negotiate insurance in Minnesota without a license. Having a license alone does not give you authority to represent an insurer. § 60K.33 — Criminal Penalty http://localhost:39729/statutes/chapter-60k/60k.33/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.33/ Acting as an insurance producer without a license is a gross misdemeanor in Minnesota. § 60K.34 — Exceptions to Licensing http://localhost:39729/statutes/chapter-60k/60k.34/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.34/ Certain people do not need an insurance producer license, such as some employees who handle claims or perform clerical tasks. § 60K.35 — Fraternal Benefit Society Representatives http://localhost:39729/statutes/chapter-60k/60k.35/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.35/ Fraternal benefit society representatives who sell insurance must be licensed, but officers who mainly do other work and earn no sales commission are exempt. § 60K.36 — Examinations http://localhost:39729/statutes/chapter-60k/60k.36/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.36/ Insurance producer license applicants must pass a written examination for each line of authority they seek. § 60K.361 — Insurance Education http://localhost:39729/statutes/chapter-60k/60k.361/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.361/ Insurance producers must complete 20 hours of prelicense education per line of authority before taking the licensing exam. § 60K.365 — Producer Training Requirements for Long-term Care Insurance Products http://localhost:39729/statutes/chapter-60k/60k.365/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.365/ To sell long-term care insurance, you must complete an initial 8-hour training course and 4 hours of ongoing training every 24 months. § 60K.366 — Producer Training Requirements for Flood Insurance Products http://localhost:39729/statutes/chapter-60k/60k.366/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.366/ To sell flood insurance through the National Flood Insurance Program, you need a producer license and must meet federal training requirements from FEMA. § 60K.37 — Application for License http://localhost:39729/statutes/chapter-60k/60k.37/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.37/ To get an insurance producer license, you must submit an application to the commissioner with required information and meet all qualifications. § 60K.38 — License http://localhost:39729/statutes/chapter-60k/60k.38/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.38/ The commissioner issues insurance producer licenses for specific lines of authority such as life, health, property, and casualty insurance. § 60K.381 — Sale of Portable Electronics Insurance http://localhost:39729/statutes/chapter-60k/60k.381/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.381/ Stores that sell portable electronics insurance must register with the commissioner and follow specific rules for training employees and handling claims. § 60K.383 — Travel Insurance http://localhost:39729/statutes/chapter-60k/60k.383/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.383/ Travel insurance can be sold by licensed producers or registered travel retailers. Specific rules cover how travel insurance is offered and regulated. § 60K.39 — Nonresident Licensing http://localhost:39729/statutes/chapter-60k/60k.39/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.39/ Out-of-state insurance producers can get a Minnesota nonresident license if they hold a valid license in their home state. § 60K.40 — Individuals Licensed in Another State; Exemption From Examination http://localhost:39729/statutes/chapter-60k/60k.40/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.40/ If you already hold an insurance license in another state, you may be exempt from taking the Minnesota licensing exam. § 60K.41 — Assumed Names http://localhost:39729/statutes/chapter-60k/60k.41/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.41/ Insurance producers who do business under a name other than their legal name must register that assumed name with the secretary of state. § 60K.42 — Temporary Licensing http://localhost:39729/statutes/chapter-60k/60k.42/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.42/ The commissioner may issue a temporary insurance license for up to 180 days in special cases, such as after the death of a licensed producer. § 60K.43 — License Denial, Nonrenewal, or Revocation http://localhost:39729/statutes/chapter-60k/60k.43/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.43/ The commissioner can deny, revoke, or refuse to renew an insurance producer license for reasons like fraud, felony conviction, or mishandling funds. § 60K.44 — Tax Clearance Certificate http://localhost:39729/statutes/chapter-60k/60k.44/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.44/ Insurance producers must obtain a tax clearance certificate from the revenue department before a license can be issued or renewed. § 60K.45 — Surrender of License http://localhost:39729/statutes/chapter-60k/60k.45/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.45/ When a license is suspended or revoked, the commissioner notifies the producer and all appointing insurers. The producer must return the license. § 60K.46 — Required and Prohibited Acts http://localhost:39729/statutes/chapter-60k/60k.46/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.46/ Insurance producers must follow rules about how they solicit business, including identifying themselves and providing required information to customers. § 60K.47 — Liability for Placing Insurance in Unauthorized Company http://localhost:39729/statutes/chapter-60k/60k.47/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.47/ Anyone who sells insurance for a company not authorized to do business in Minnesota is personally liable for premiums and any losses the buyer suffers. § 60K.48 — Commissions http://localhost:39729/statutes/chapter-60k/60k.48/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.48/ Insurance companies can only pay commissions to licensed insurance producers. Sharing commissions with unlicensed people is generally prohibited. § 60K.49 — Appointments http://localhost:39729/statutes/chapter-60k/60k.49/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.49/ Insurance companies must formally appoint producers who will act as their agents and notify the commissioner of each appointment. § 60K.50 — Limitation on Appointments http://localhost:39729/statutes/chapter-60k/60k.50/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.50/ Insurance companies must not appoint producers they know have committed violations. They must terminate and report unfit producers immediately. § 60K.51 — Notification to Commissioner of Termination http://localhost:39729/statutes/chapter-60k/60k.51/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.51/ When an insurer terminates a producer for cause, such as a violation of insurance law, the insurer must notify the commissioner within 30 days. § 60K.52 — Use and Sharing of Licensing and Investigative Data http://localhost:39729/statutes/chapter-60k/60k.52/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.52/ The commissioner may share licensing and investigation data with other states and the NAIC to help regulate insurance producers. § 60K.53 — Reciprocity http://localhost:39729/statutes/chapter-60k/60k.53/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.53/ Minnesota may waive licensing requirements for out-of-state producers if their home state offers similar treatment to Minnesota licensees. § 60K.54 — Reporting of Actions http://localhost:39729/statutes/chapter-60k/60k.54/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.54/ Insurance producers must report to the commissioner any criminal charges, convictions, or administrative actions taken against them in any state. § 60K.55 — Fees http://localhost:39729/statutes/chapter-60k/60k.55/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.55/ Insurance producer license renewal fees and other licensing fees are set by this section. Fees vary by license type. § 60K.56 — Continuing Insurance Education http://localhost:39729/statutes/chapter-60k/60k.56/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.56/ Licensed insurance producers must complete 24 hours of continuing education every two years to keep their license active. § 60K.60 — Sale of Self-storage Insurance http://localhost:39729/statutes/chapter-60k/60k.60/ Mon, 01 Jan 0001 00:00:00 +0000 http://localhost:39729/statutes/chapter-60k/60k.60/ Self-storage facilities may sell limited insurance covering stored property if they follow specific registration and disclosure rules.