Chapter 70A — Interpretation Guide

70A.01 Interpretation Guide This section explains how to read and understand Chapter 70A. The law should be read broadly to protect people who buy … 70A.02 Scope of Application This section lists which types of insurance are covered by Chapter 70A and which are not. It applies to casualty, fire, … 70A.03 Definitions This section defines key terms used throughout Chapter 70A. It explains what casualty insurance, fire and allied lines … 70A.04 Rate Standards This section sets the rules for what insurance rates are allowed. Rates cannot be too high, too low, or unfairly … 70A.05 Rating Methods This section explains how insurance rates must be calculated. Insurers must consider past and future losses, expenses, … 70A.06 Filing Requirements This section requires insurance companies to file their rates with the state commissioner before using them. If a rate … 70A.07 This section has been repealed and is no longer in effect. It was removed from the statutes in 2009. 70A.08 Rate Making and Rate Filing Authority This section allows insurance companies to set their own rates or use rates prepared by a rate service organization. An … 70A.09 Assigned Risks This section allows insurance companies to work together to share high-risk customers fairly. When someone cannot get … 70A.10 Delayed Effect of Rates This section gives the commissioner power to require a waiting period before new insurance rates take effect. If the … 70A.11 Disapproval of Rates This section allows the commissioner to disapprove insurance rates that do not meet legal standards. After a formal … 70A.12 Special Restrictions on Individual Insurers This section lets the commissioner require a specific insurer to file its rates 30 days before they take effect. This … 70A.13 Operation and Control of Rate Service Organizations This section requires rate service organizations to get a license before they can help set insurance rates in Minnesota. … 70A.14 Licensing This section explains how rate service organizations apply for and maintain their licenses. They must submit their … 70A.15 Binding Agreements by Insurers This section prevents insurance companies from making binding agreements to follow certain rates or rules set by outside … 70A.16 Joint Underwriting or Joint Reinsurance This section regulates groups of insurance companies that underwrite or reinsure together. Joint underwriting groups … 70A.17 Recording and Reporting of Experience This section requires the commissioner to create rules for how insurers record and report their loss and expense data. … 70A.18 Examinations This section gives the commissioner the power to examine rate service organizations, insurers, and insurer groups … 70A.19 Information to Be Furnished Insureds; Hearing and Appeals of Insureds This section gives policyholders the right to get information about how their insurance rate was set. Insurers must … 70A.20 False or Misleading Information This section makes it illegal to deliberately hide information from or lie to the commissioner, statistical agencies, … 70A.21 Penalties This section sets penalties for violating this chapter. The commissioner can fine up to $50 per violation, or up to $500 … 70A.22 Hearings, Procedure, and Judicial Review This section gives insurers and rate service organizations the right to request a hearing if they disagree with a … 70A.23 Transition Provisions This section allowed insurance rates already on file with the commissioner on September 1, 1969, to continue being used …