Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2767 - INSURANCE PLAN ADMINISTRATORS
Part 2767.0600 - LICENSE RENEWALS
Universal Citation: MN Rules 2767.0600
Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1. Time of filing.
Application for renewal of a license must be filed with the commissioner at least 60 days prior to the expiration date of that license.
Subp. 2. Required information.
In support of the application for license renewal, an administrator shall submit:
A. Any
changes in the description of the administrative services intended to be
provided.
B. Any changes in
ownership of the company, including detailed information about the new
owners.
C. Any changes in key staff
or an employee's responsibilities, including resumes of all new key staff
members or additional information to show qualifications of current staff to
take on new responsibilities.
D. An
explanation of any changes of the responsibilities of any subcontractor,
including changes in firms contracted with, services provided, or individuals
providing services contracted for.
E. Financial statements for the previous two
years, including a certified financial statement for the most recent fiscal
year of the administrator or the parent guarantor, if applicable. Certified
financial statements for a period ending more than six months prior to the date
of the renewal application must be accompanied by an affidavit signed by a
company officer under oath describing any material change in the net worth or
financial condition of the applicant since the date of the certified financial
statement. If the administrator has a gross income from sources within the
state of Minnesota of less than $100,000 per year so that the completion of the
certified financial statement proves to be an undue financial burden, the
applicant may have this requirement waived if:
(1) it has two years of operation within
Minnesota on a solvent basis with no history of corporate bankruptcy or
personal bankruptcy among chief officers and stockholders; and the
administrator provides for "reviewed financial statements" by an independent
certified public accountant or licensed public accountant, and provides to the
department a copy of those reviewed financial statements along with corporate
bank references; or
(2) it posts a
surety bond in a form satisfactory to the commissioner in an amount equal to
the amount of the claims handled by the applicant in the prior year with a
minimum of $100,000.
F.
Proof of coverage under a fidelity bond for all persons involved in making
claims payments, and all officers of the company.
G. Information relating to any changes in
personnel acting as resident agent for the administrator.
Statutory Authority: MS s 45.023; 60A.23
Disclaimer: These regulations may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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