Chapter 66A — Scope of Chapter

66A.01 Scope of Chapter This chapter covers the rules for mutual insurance companies in Minnesota. It applies to most mutual insurance companies … 66A.02 Applicability of Business Corporation Statutes Minnesota's general business corporation laws (chapter 302A) apply to mutual insurance companies, but with important … 66A.03 Incorporation Mutual insurance companies formed in Minnesota must follow the incorporation requirements in section 60A.07, subdivision … 66A.04 This section has been repealed and is no longer in effect. 66A.05 This section has been repealed and is no longer in effect. 66A.06 Renewal of Corporate Existence A mutual insurance company whose charter period has expired or is about to expire can renew its existence. Renewal … 66A.07 Membership; Meetings; Notices; Voting Every policyholder in a mutual insurance company is a member with voting rights while their policy is in force. Property … 66A.075 This section has been repealed and is no longer in effect. 66A.08 Requirements This section sets out the requirements for starting a mutual insurance company, covering casualty, fire, marine, and … 66A.09 Kinds of Business Authorized Mutual insurance companies can only write types of insurance that are listed in section 60A.06. This section makes clear … 66A.10 Additional Requirements A mutual insurance company that does not have the required guaranty fund can still write multiple lines of insurance if … 66A.11 Revocation of License If a mutual insurance company fails to follow the rules in sections 66A.08 through 66A.16, the commissioner can revoke … 66A.12 Mutual Fire Companies; Premiums; Contingent Liability Every mutual fire insurance company must charge a cash premium or accept a cash deposit equal to one year's premium on … 66A.13 Mutual Fire Companies; Requirements When Note Given When a policyholder gives a note to pay for an insurance premium, the policy stays in full force during its term. If the … 66A.14 Dividends The board of directors of a mutual insurance company can decide how much to pay back to policyholders as dividends or … 66A.15 Assessments When a mutual insurance company does not have enough money to pay its losses and expenses, it must assess its members to … 66A.16 Guaranty Funds Mutual insurance companies can set up a guaranty fund to protect policyholders. Certificate holders invest money in the … 66A.17 Mutual Fire Insurance Companies; Provisions as to Policies Lapsing A mutual insurance company can provide in its charter or bylaws that a policy will automatically lapse if the member … 66A.18 Voting and Notice This section directs readers to section 66A.07 for the rules about voting and notice requirements in mutual insurance … 66A.19 Contingent Liability This section directs readers to sections 66A.12 and 66A.15 for the rules about policyholder contingent liability that … 66A.20 This section has been repealed and is no longer in effect. 66A.21 Domestic Mutual Insurance Companies, Separation of Assessable and Nonassessable Businesses A mutual insurance company that writes both assessable and nonassessable policies can split its business into two … 66A.215 Special Provisions Relating to Hail, Tornado, and Cyclone Companies Sections 66A.221 through 66A.31 contain special rules that apply only to mutual insurance companies that provide hail, … 66A.22 This section has been repealed and is no longer in effect. 66A.221 Organization A mutual hail, tornado, or cyclone insurance company cannot issue policies until it has at least $200,000 in insurance … 66A.23 Assessments; Notice; Payments; Collection When an assessment is completed, the company secretary must mail each member a notice stating the purpose and amount of … 66A.24 Officers; Duties; Compensation; Bonds Officers of a mutual hail, tornado, or cyclone company must perform duties and receive pay as set by the bylaws or board … 66A.25 Proxies; Restrictions Proxies for voting at meetings of hail, tornado, and cyclone mutual companies must be dated and signed within the last … 66A.26 Property Insurable Hail, tornado, and cyclone mutual companies can only insure rural and agricultural property such as farms, barns, … 66A.27 Limitation on Expenses A hail, tornado, or cyclone mutual company cannot spend more than 40 percent of its total collected premiums or … 66A.28 Reports; Delinquency; Powers of Commissioner The commissioner of commerce can demand a report from any hail, tornado, or cyclone mutual company whenever the public … 66A.29 Arbitration Required Every hail, tornado, or cyclone mutual insurance policy must include an arbitration clause. If the company and … 66A.30 Transfer of Risks and Reinsurance A hail, tornado, or cyclone mutual company can transfer its policies or reinsure them with another company that is … 66A.31 Merger and Consolidation A hail, tornado, or cyclone mutual company can merge or consolidate with other insurance companies following the … 66A.311 Exemption; Fire, Hail, and Tornado Associations Maintained by Members of One Religious Denomination Members of a single church or religious denomination can create an informal, unincorporated association to mutually … 66A.32 Prerequisites of Life Companies A mutual life insurance company cannot issue any policies until it has at least $200,000 in insurance applications from … 66A.33 Temporary Capital Stock of Mutual Life Companies A mutual life insurance company can raise money by issuing temporary capital stock of at least $100,000, with the … 66A.34 Dividends Mutual life insurance companies must calculate and credit dividends to each participating policyholder every year, … 66A.35 Guaranty Funds A mutual life insurance company can create a guaranty fund by selling certificates in units of $10 or more. Certificate … 66A.36 Stock and Mutual Life Insurance Companies Insurance companies can be formed as 'stock and mutual' companies, meaning they have both capital stock and … 66A.37 Application All laws that apply to stock insurance companies and all laws that apply to mutual insurance companies also apply to … 66A.38 Voting Rights In a stock and mutual life insurance company, each stockholder gets one vote per share, and each participating … 66A.39 Conversion of Existing Companies; Amendment of Certificates of Incorporation An existing stock or mutual insurance company can convert to a stock and mutual company by amending its certificate of … 66A.40 Mutual Insurance Holding Companies A mutual insurance company can reorganize by forming a mutual insurance holding company while keeping the original … 66A.41 Mutual Company Conversion to Stock Company This section provides the detailed process for converting a mutual insurance company or mutual holding company into a … 66A.42 Domestic Insurance Corporations May Become Mutual Corporations A stock insurance company can become a mutual company by buying back all of its outstanding stock. The plan must be … 66A.43 May Acquire Capital Stock During the conversion from stock to mutual, the company can acquire its own shares by gift, purchase, or inheritance. …