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Subdivision 1.Generally.
The commissioner shall not issue a certificate of authority to any service plan corporation hereafter organized unless the corporation has met all legal requirements and, if organized on a capital stock basis unless the corporation has paid up capital stock of not less than $200,000 and an initial surplus of not less than $200,000, or, if organized on a membership basis, unless the corporation has an initial surplus of not less than $400,000.
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Subd. 2.Reserve requirements.
A service plan corporation in existence on August 1, 1971, or hereafter formed shall establish and maintain reserves for claims in process, incomplete and unreported claims, retroactive cost adjustments to providers, allowances for subscription charges received from subscribers but not yet earned and all other accrued liabilities in accordance with section 60A.12 as it relates to accident and health insurance companies.
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Subd. 5.Risk-based capital requirement.
A service plan corporation is subject to regulation of its financial solvency under sections 60A.50 to 60A.592.
Notes of Decisions
In Re the Excess Surplus Status of Blue Cross & Blue Shield of Minnesota, 624 N.W.2d 264 (Minn. 2001).
· cites it 46× “BCBSM was notified by the Department of Commerce (department) that receipt of the settlement proceeds would cause BCBSM to exceed its allowable surplus under Minn.Stat. § 62C.09 (2000) and therefore it must submit a plan for the department’s approval to adjust its operations to…”
In Re the Excess Surplus Status of Blue Cross & Blue Shield of Minnesota, 606 N.W.2d 697 (Minn. Ct. App. 2000).
· cites it 31× “See Minn. Stat § 62C.09, subd. 3 (1998) (setting the permissible “corridor” for surplus at a minimum of 16 2/3% and a maximum of 33 1/3% of the sum of all health service claims incurred, plus administrative expenses incurred within the most recent calendar year).”
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