Chapter 67A — Number of Members Required, Property and Territory

67A.01 Number of Members Required, Property and Territory This law says that at least 25 people who own property worth a total of $50,000 or more in nearby counties can start a … 67A.02 Certificate of Incorporation To start a township mutual fire insurance company, the founders must create a certificate of incorporation. This … 67A.03 Corporate Existence A township mutual fire insurance company can exist forever if its articles of incorporation say so. This applies to … 67A.04 Amendments to Certificate of Incorporation A township mutual fire insurance company can change its certificate of incorporation. The change must be approved by a … 67A.05 Bylaws The first board of directors of a township mutual fire insurance company must create bylaws. Members can change the … 67A.06 Powers of Corporation This section lists the legal powers of a township mutual fire insurance company. These include the right to sue and be … 67A.07 Principal Office A township mutual fire insurance company must have its main office in a county where it is allowed to do business. 67A.08 Board of Directors Each township mutual fire insurance company must elect between 5 and 9 directors from its members to manage the company. … 67A.09 Officers The directors of a township mutual fire insurance company must choose a president, vice-president, and secretary from … 67A.10 Rights of Certain Members People who do not live in the company's territory but own property there can become members of the township mutual fire … 67A.11 Annual Meeting Township mutual fire insurance companies must hold an annual meeting before July 1 each year. The company's fiscal year … 67A.12 Applications The president, secretary, treasurer, or manager of a township mutual fire insurance company can accept insurance … 67A.13 Types of Insurance Authorized This section lists all the types of damage that township mutual fire insurance companies can cover. These include fire, … 67A.14 Insurable Property Township mutual fire insurance companies can insure homes, household goods, farm buildings, farm property, churches, … 67A.15 Classification of Property Township mutual fire insurance companies can group insured properties into different classes based on how likely they … 67A.16 This section has been repealed and is no longer in effect. 67A.161 Appraisal of Disputed Losses If a township mutual fire insurance company and a policyholder disagree on the value of a loss, either side can demand … 67A.17 This section has been repealed and is no longer in effect. 67A.175 Surplus Requirements Township mutual fire insurance companies must keep at least $300,000 in surplus (extra money beyond what they owe) at … 67A.18 Termination A member can end their membership in a township mutual fire insurance company by giving written notice or returning … 67A.19 This section has been repealed and is no longer in effect. 67A.191 Combination Policies Township mutual fire insurance companies can issue combination policies that pair their coverage with a policy from … 67A.20 Reinsurance Township mutual fire insurance companies can share their risk with other companies through reinsurance. They can … 67A.21 Consolidation, Merger Two or more township mutual fire insurance companies can merge or consolidate. The process requires each company's board … 67A.22 This section has been repealed and is no longer in effect. 67A.23 This section has been repealed and is no longer in effect. 67A.231 Deposit of Funds; Investment; Limitations This section lists where township mutual fire insurance companies can invest their money. Allowed investments include … 67A.24 This section has been repealed and is no longer in effect. 67A.241 Record Keeping; Examination; Remedies The commissioner can set rules for how township mutual fire insurance companies keep their financial records. Every … 67A.25 Reference to Laws 1909, Chapter 411 Township mutual fire insurance companies that existed before the 1909 law can use all the rights granted by that law … 67A.26 Penalties Anyone who knowingly makes false or fraudulent statements on an insurance application or about the company's condition … 67A.27 This section has been repealed and is no longer in effect. 67A.28 This section has been repealed and is no longer in effect. 67A.29 This section has been repealed and is no longer in effect. 67A.30 All subdivisions of this section have been repealed and are no longer in effect. 67A.31 This section has been repealed and is no longer in effect. 67A.32 This section has been repealed and is no longer in effect. 67A.33 This section has been repealed and is no longer in effect. 67A.34 This section has been repealed and is no longer in effect. 67A.35 This section has been repealed and is no longer in effect. 67A.36 This section has been repealed and is no longer in effect. 67A.37 This section has been repealed and is no longer in effect. 67A.38 This section has been repealed and is no longer in effect. 67A.39 This section has been repealed and is no longer in effect. 67A.40 Organization and Powers At least six township mutual fire insurance companies can form a mutual reinsurance association to share risk. The … 67A.41 Premiums and Assessments Member companies of a reinsurance association must pay yearly assessments set by the association's board. These … 67A.42 Withdrawal by Members A member company can leave a reinsurance association by giving 90 days' notice after its members vote to withdraw. … 67A.43 Commissioner's Powers and Duties The commissioner of commerce oversees reinsurance associations, including their incorporation documents, bylaws, … 67A.44 Commissioner Defined In this chapter, the word 'commissioner' means the commissioner of commerce of Minnesota. If the commissioner is absent …