Minnesota Statutes

Minn. Stat. § 60A.27 (2026)

Discipline Of Insurer By Another State; Notice To Commissioner

✓ current as of May 2026

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Subdivision 1.Requirement.

An insurance company licensed to transact business in this state is hereby required to notify the commissioner of commerce within ten business days of the happening of any one or more of the following:

(1) the suspension or revocation of its right to transact business in another state; or

(2) the receipt by the insurance company of an order to show why its license should not be suspended or revoked.

Subd. 2.Penalty.

Any insurance company which fails to notify the commissioner of commerce within the time period specified in subdivision 1 is subject to a penalty of not more than $500, or suspension, or both.

Notes of Decisions

Cited in 1 case, 2016–2016 · leading case: Founders Ins. Co. v. James Yates, 888 N.W.2d 134 (Minn. 2016).

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Founders Ins. Co. v. James Yates, 888 N.W.2d 134 (Minn. 2016). · cites it 2× “13 (2014) (requiring annual statements and imposing a duty to respond to inquiries from the Commissioner of Commerce); Minn. Stat. § 60A.27 (2014) (requiring a licensed insurer to notify the Commissioner of Commerce when the insurer is disciplined by another state); Minn.”

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