17, 2013 - SAINT PAUL, MN – The Minnesota Department of Commerce recently took action against Lincoln National Life Insurance Company and Northwestern Mutual Life Insurance Company due to alleged current or former practices that automatically enrolled consumers into retained asset accounts – without providing beneficiaries with the option to decide whether they wanted life insurance proceeds placed in such accounts which may not have been suitable for the beneficiary or paid in one lump sum cash payment upon the death of policy holder.
15, 2013 - SAINT PAUL, MN – Commerce Commissioner Mike Rothman signed a Resolution and Regulatory Settlement Agreement with Prudential Insurance Company today to ensure payment of due and payable proceeds from life insurance policies, annuity contracts, and retained asset accounts to Minnesota beneficiaries, and strengthened procedures to make sure policy holders and beneficiaries receive the unclaimed proceeds from these policies and contracts in a timely manner in the future.
02, 2013 - SAINT PAUL, MN – In light of the 2014 implementation of the Affordable Care Act, the Commerce Department announced today key information regarding the process for assessing the need for, and developing a transition plan for the Minnesota Comprehensive Health Association (MCHA), including a FAQ, timeline, and goals.
18, 2013 - SAINT PAUL, MN – On average, Minnesota’s severe weather season sees 40 tornadoes per year creating the potential for property damage, financial distress, and personal danger for families. Severe Weather Awareness Week was created to provide an opportunity for households to review their emergency procedures and prepare for weather-related hazards.
21, 2013 - SAINT PAUL, MN – As the snow and ice melt and we watch for the signal of a possible spring flood season, Commerce Commissioner Mike Rothman reminds all insurance professionals to emphasize the importance of preparation with their clients in order to protect themselves. Agents are strongly urged to reach out to their clients and the general public to inform them of the steps that can and should be taken now to address potential loss in the event of spring flooding.
20, 2013 - SAINT PAUL, MN – The first day of spring signals entry into severe weather season – floods, thunderstorms, and tornadoes. Minnesotans understand the volatility of weather, seeing record number of tornadoes in 2011 and an increased tornado season in 2012, beginning in March and ending in November.
08, 2013 - SAINT PAUL, MN – Agriculture Commissioner Dave Frederickson and Commerce Commissioner Mike Rothman today issued a consumer alert encouraging Minnesota farmers to consider purchasing crop insurance ahead of this year’s growing season. The standard deadline for purchasing crop insurance is right around the corner. Farmers must finalize a crop insurance plan with their insurance agent by March 15.
07, 2013 - SAINT PAUL, MN — As winter conditions turn to spring melting, the Minnesota Department of Commerce is reminding Minnesota homeowners to determine if they may need flood insurance coverage. Flood damage is not covered under a standard homeowner's policy.
26, 2013 - Formal charges have been filed in Ramsey County District Court on allegations that Saint Paul and Spooner, WI resident Linda A. Brost committed a litany of offenses, including insurance fraud, theft by swindle, aggravated forgery, and identity theft. This morning, the Department of Commerce Insurance Fraud Division, assisted by the St. Paul Police Department, Ramsey County Sheriff’s Office and Washburn County (WI) Sheriff’s Office, executed search warrants at Brost’s St. Paul and Spooner, Wisconsin residences.
19, 2013 - SAINT PAUL, MN – The Minnesota Department of Commerce announced today that Minnesota consumers may qualify for a refund if they purchased travel insurance from Virginia Surety Company (VSC), or one of its contracted agencies, between January 1, 2007 and October 31, 2012. The announcement came after the Minnesota Department of Commerce and the Missouri Department of Insurance issued a joint consent order alleging that VSC routinely required consumers to affirmatively “opt-out” of purchasing premium travel insurance packages, violating numerous state laws and regulations.