Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Minnesota Insurers Rehabilitation and Liquidation Model Act
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FAQ
How often must the Commissioner examine all insurers to guard against insurance company insolvency? At least once every 5 years.
Once the liquidation is ordered, the guaranty association provides coverage to the company's policyholders who are state residents (up to the levels specified by state laws?see below; any benefit amounts above the guaranty asociation benefit levels become claims against the company's remaining assets).
(b) The commissioner may conduct an examination under this article of any company as often as the commissioner in his or her discretion deems appropriate but shall, at a minimum, conduct an examination of every insurer admitted in this state not less frequently than once every five years.
The Commissioner will carefully examine the financial ability of each domestic company at least once every 3 years.
"Liquidation" is the process whereby the Commissioner, upon a Superior Court's order, terminates an insurance company's insurance business by canceling all insurance policies and by not issuing any new or renewal policies.
Unless financial or other conditions warrant an immediate examination, domestic insurers are usually examined triennially.
The commissioner shall examine the affairs and conditions of every insurer licensed in this state not less frequently than once every five years.
Role of the Insurance Commissioner The commissioner also has the responsibility to determine when an insurance company domiciled in the state should be declared insolvent and to seek authority from the state court to seize its assets and operate the company pending rehabilitation or liquidation.