Minn. R. agency 120, ch. 2700, pt. 2700.0500

Current through Register Vol. 49, No. 24, December 9, 2024

Part 2700.0500 - EQUAL TREATMENT OF MINNESOTA POLICYHOLDERS

For the purpose of eliminating discrimination against Minnesota policyholders:

A. all domestic companies issuing nonassessable policies in any other state, territory, or jurisdiction shall establish a guaranty fund as provided by law and issue a nonassessable contract in Minnesota, or withdraw immediately from other states, territories, or jurisdictions in which the issuance of an assessable policy is not permitted;

B. all foreign companies that issue nonassessable contracts in any other state, territory, or jurisdiction shall also issue nonassessable contracts in the state of Minnesota, provided the companies can comply with Minnesota laws relating to issuance of policies without a contingent liability. If compliance is not possible, then the company shall withdraw from the state of Minnesota and refrain from issuing any policies in this state, or withdraw from and surrender its license in any state, territory, or jurisdiction in which the company is issuing nonassessable contracts.

Minn. R. agency 120, ch. 2700, pt. 2700.0500

Statutory Authority: MS s 60A.03; 66A.21