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Annual Statements
Financial filing instructions for annual statements for Accredited Prop/Casualty Reinsurers, Alien Surplus Lines, Authorized Prop and Casualty Insurers, Fraternal Societies, Health Insurers, Hospital, Medical, Dental & Indemnity Corp (Non Profit), Life, Accident & Health Ins and Accredited Life Reinsurer, Risk Retention Groups, Title Insurers, and Trusteed Reinsurers.
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Change of Appointed Actuary
If the company is domiciled in Minnesota, the following guidance must be followed upon the appointment or replacement of the appointed actuary:
- For health insurance companies, including Health Service Corporations, HMOs and County-Based Purchasers, refer to the tab titled “Actuarial Opinion” within the applicable NAIC Annual Statement Instructions for the requirements.
- For property-casualty insurance companies, refer to the tab titled “Actuarial Opinion” within the NAIC Annual Statement Instructions—Property/Casualty for the requirements.
- For life insurance companies, including fraternals, refer to the Valuation Manual, VM-30, Sections 2.A.2 and 2.A.3.
The required documentation should be sent by mail to:
Minnesota Department of Commerce
Insurance Division
85 7th Place East, Suite 280
St. Paul, MN 55101
If the company is not domiciled in Minnesota, no notification is required.
If you have questions, you may contact Barb Carey, Audit Director, at barbara.carey@state.mn.us or 651-539-1757.
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Township Mutuals
State law requires the Commissioner of Commerce to prescribe a basis upon which a township mutual insurance company maintains its records reflecting the true financial condition of the company.
The following documents provide information on state law governing township mutual insurance companies and include downloadable copies of required forms and filings.
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General Article & Bylaw Instructions
Domestic Insurance Companies
Filings to change the Articles of Incorporation must contain:
- the original signatures of the president and secretary,
- must be accompanied by a certified copy of the corporate resolution authorizing the change, and be filed within 30 days of approval,
- one check for $100 payable to the Minnesota Department of Commerce
Filings to change the Bylaws must contain:
- the original signatures of the president and secretary,
- must be accompanied by a certified copy of the corporate resolution authorizing the change, and be filed within 30 days of approval,
- one check for $75 payable to the Minnesota Department of Commerce
Foreign Insurance Companies
- Changes to Articles of Incorporation must contain an original certification by the domiciliary Insurance Department or Secretary of State and must be filed within 60 days of domiciliary approval - filing fee is $100, payable to the Minnesota Department of Commerce.
- Changes to Bylaws must contain an original certification by the corporate secretary or other company officer and must be filed within 30 days of approval - filing fee is $75, payable to the Minnesota Department of Commerce.
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Definitions
Domestic Company
An insurer formed under the laws of Minnesota.
Foreign Company
An insurer formed under the laws of a state or territory of the United States, other than Minnesota.
Alien Company
An insurer formed under the laws of a country other than the United States.
Accredited Reinsurer
An insurer which is not licensed in Minnesota, but which is accredited to reinsure business written by domestic companies.
Township Mutual
An insurer which is licensed to write certain types of business, within a certain geographic area, generally a township or county.
Surplus Lines Company
An insurer, which is recognized as eligible to write business which is generally not available from licensed insurers.
Risk Retention Group
An insurer chartered and licensed in its state of domicile to write only liability insurance. It may become registered in other states, however, it differs from a licensed insurer, or surplus lines company, in that Federal law, to a large extent, prohibits state, other than the state of domicile, from financial regulation of a risk retention group.
