62B.01 SCOPE.
All life insurance, accident and health insurance, and involuntary unemployment insurance in
connection with loan or other credit transactions are subject to sections 62B.01 to 62B.14, except
life, accidental death, and disability insurance written in connection with first real estate mortgage
loans. Insurance is not subject to sections 62B.01 to 62B.14 where its issuance is an isolated
transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of
the creditor. Credit life, credit accident and health, and credit involuntary unemployment insurance
provided at no additional cost to the borrower are not subject to sections 62B.01 to 62B.14.
History: Ex1967 c 2 s 1; 1989 c 330 s 21; 1993 c 343 s 8; 2002 c 307 art 2 s 2

62B.02 DEFINITIONS.
    Subdivision 1. Scope. For the purpose of sections 62B.01 to 62B.14 the following terms
have the meanings given to them in this section.
    Subd. 2. Credit life insurance. "Credit life insurance" means insurance on the life of a
debtor pursuant to or in connection with a specific loan or other credit transaction.
    Subd. 3. Credit accident and health insurance. "Credit accident and health insurance"
means insurance on a debtor to provide indemnity for payments becoming due on a specific loan
or other credit transaction while the debtor is disabled as defined in the policy.
    Subd. 3a. Credit involuntary unemployment insurance. "Credit involuntary
unemployment insurance" means insurance on a debtor in connection with a specified loan or
other credit transaction to provide payment to a creditor in the event of involuntary unemployment
of the debtor for the installment payments or other periodic payments becoming due while the
debtor is involuntarily unemployed.
    Subd. 4. Creditor. "Creditor" means the lender of money or vendor or lessor of goods,
services, or property, rights or privileges, for which payment is arranged through a credit
transaction, or successor to the right, title or interest of a lender, vendor, or lessor, and an affiliate,
associate or subsidiary of them, director, officer or employee of them or any other person in any
way associated with them.
    Subd. 5. Debtor. "Debtor" means a borrower of money or a purchaser or lessee of goods,
services, property, rights or privileges for which payment is arranged through a credit transaction.
    Subd. 6. Indebtedness. "Indebtedness" means the total amount payable by a debtor to a
creditor in connection with a loan or other credit transaction.
    Subd. 7. Commissioner. "Commissioner" means the commissioner of commerce.
History: Ex1967 c 2 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1993 c 343 s 9

62B.03 FORMS OF CREDIT LIFE INSURANCE, CREDIT ACCIDENT AND HEALTH
INSURANCE, AND CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE.
Credit life insurance, credit accident and health insurance, and credit involuntary
unemployment insurance shall be issued only in the following forms:
(1) individual policies of life insurance issued to debtors on the term plan;
(2) individual policies of accident and health insurance issued to debtors on a term plan or
disability benefit provisions in individual policies of credit life insurance;
(3) individual policies of involuntary unemployment insurance issued to debtors on the
term plan;
(4) group policies of life insurance issued to creditors providing insurance upon the lives of
debtors on the term plan;
(5) group policies of accident and health insurance issued to creditors on a term plan
insuring debtors or disability benefit provisions in group credit life insurance policies to provide
such coverage;
(6) group policies of involuntary unemployment insurance issued to creditors on a term
plan insuring debtors.
History: Ex1967 c 2 s 3; 1993 c 343 s 10

62B.04 AMOUNT OF CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND
HEALTH INSURANCE.
    Subdivision 1. Credit life insurance. (1) The initial amount of credit life insurance shall
not exceed the amount of principal repayable under the contract of indebtedness plus an amount
equal to one monthly payment. Thereafter, if the indebtedness is repayable in substantially equal
installments according to a predetermined schedule, the amount of insurance shall not exceed the
scheduled indebtedness plus one monthly payment or actual amount of indebtedness, whichever
is greater. If the contract of indebtedness provides for a variable rate of finance charge or interest,
the initial rate or the scheduled rates based on the initial index must be used in determining the
scheduled amount of indebtedness and subsequent changes to the rate must be disregarded in
determining whether the contract is repayable in substantially equal installments according to
a predetermined schedule.
(2) Notwithstanding clause (1), the amount of credit life insurance written in connection
with credit transactions repayable over a specified term exceeding 63 months shall not exceed the
greater of: (i) the actual amount of unpaid indebtedness as it exists from time to time; or (ii) where
an indebtedness is repayable in substantially equal installments according to a predetermined
schedule, the scheduled amount of unpaid indebtedness, less any unearned interest or finance
charges, plus an amount equal to two monthly payments. If the credit transaction provides for a
variable rate of finance charge or interest, the initial rate or the scheduled rates based on the initial
index must be used in determining the scheduled amount of unpaid indebtedness and subsequent
changes in the rate must be disregarded in determining whether the contract is repayable in
substantially equal installments according to a predetermined schedule.
(3) Notwithstanding clauses (1) and (2), insurance on educational, agricultural, and
horticultural credit transaction commitments may be written on a nondecreasing or level term
plan for the amount of the loan commitment.
(4) If the contract of indebtedness provides for a variable rate of finance charge or interest,
the initial rate or the scheduled rates based on the initial index shall be used in determining the
scheduled amount of indebtedness, and subsequent changes to the rate shall be disregarded in
determining whether the contract is repayable in substantially equal installments according to
a predetermined schedule.
    Subd. 2. Credit accident and health insurance. (a) The total amount of periodic indemnity
payable by credit accident and health insurance in the event of disability, as defined in the policy,
shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness;
and the amount of each periodic indemnity payment shall not exceed the original indebtedness
divided by the number of periodic installments. If the credit transaction provides for a variable
rate of finance charge or interest, the initial rate or the scheduled rates based on the initial
index must be used in determining the aggregate of the periodic scheduled unpaid installments
of the indebtedness.
(b) If for any reason a policy of credit disability insurance will not or may not provide the
policyholder or certificate holder with coverage for the total amount of indebtedness on the
related loan or debt in the event of any one instance of disability, the applicant must be given a
written disclosure on or accompanying the application. If the disclosure is on the application, it
must be immediately above the signature line, within a box and the word "WARNING" must be
in 14-point boldface capital letters. The rest of the text must be in capital letters and boldface
10-point print. If the disclosure is on a separate sheet, it must be on an 8-1/2 inch by 11 inch sheet
of paper with the word "WARNING" in 14-point boldface capital letters with the remaining text in
10-point boldface capital letters. If a separate disclosure is used, it must be signed by the applicant
with one copy provided to the applicant and one copy maintained by the insurer for at least the
term of the policy or certificate, if coverage is issued. The disclosure must state:
WARNING: IF YOU BECOME DISABLED AS DEFINED IN THE
POLICY/CERTIFICATE, THIS DISABILITY INSURANCE POLICY/CERTIFICATE
MAY NOT COVER YOUR ENTIRE INDEBTEDNESS. IF YOU BECOME DISABLED
AT A POINT WHERE THE NUMBER OF MONTHLY INSTALLMENT PAYMENTS
REMAINING EXCEEDS THE PERIOD OF COVERAGE BEING PROVIDED BY THIS
POLICY/CERTIFICATE, THE BENEFITS AVAILABLE WILL BE LESS THAN THE
AMOUNT NECESSARY TO PAY OFF YOUR LOAN. IF YOU WANT COVERAGE FOR THE
FULL AMOUNT OF YOUR INDEBTEDNESS OR HAVE ANY QUESTIONS ABOUT THE
EXTENT OR NATURE OF YOUR COVERAGE, YOU SHOULD DISCUSS THEM WITH
YOUR AGENT AND/OR ENROLLER BEFORE SUBMITTING YOUR APPLICATION.
(c) Any policy or certificate of credit disability insurance which contains a critical period
must make available for any single instance of disability monthly indemnity benefit payments for
the term of the loan, 24 months, or the term of the disability, whichever is less. For the purposes
of this section, a critical period is when there is a limited number of monthly benefit payments
that may be paid to the beneficiary or the policyholder or certificate holder as a result of any
one instance of disability.
(d) Unless the policy or certificate provides for such coverage, nothing in this section shall
be interpreted as requiring an insurer to provide coverage for the final payment of a balloon loan
or for a period that exceeds the age limitation in the policy or certificate or for amounts that
exceed the insurer's maximum liability limits.
    Subd. 3. Credit involuntary unemployment insurance. The total amount of periodic
indemnity payable by credit involuntary unemployment insurance in the event of involuntary
unemployment shall not exceed the aggregate of the periodic scheduled unpaid installments of the
indebtedness; and the amount of each periodic indemnity payment shall not exceed the original
indebtedness divided by the number of periodic installments.
History: Ex1967 c 2 s 4; 1977 c 382 s 3; 1982 c 424 s 13; 1989 c 330 s 22; 1993 c 343 s 11;
1995 c 171 s 66,67; 1995 c 202 art 2 s 25; 1996 c 414 art 1 s 29; 1997 c 157 s 56; 1999 c 177 s 42

62B.05 TERM OF CREDIT INSURANCE.
The term of any credit life insurance, credit accident and health insurance, or credit
involuntary unemployment insurance shall, subject to acceptance by the insurer, commence on
the date when the debtor becomes obligated to the creditor, except that, where a group policy
provides coverage with respect to existing obligations, the insurance on a debtor with respect
to the indebtedness shall commence on the effective date of the policy. Where evidence of
insurability is required and the evidence is furnished more than 30 days after the date when the
debtor becomes obligated to the creditor, the term of the insurance may commence on the date on
which the insurance company determines the evidence to be satisfactory, and in that event there
shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term
of the insurance shall not extend more than 15 days beyond the scheduled maturity date of the
indebtedness except when extended without additional cost to the debtor.
If an indebtedness is prepaid in full before its scheduled maturity, except by performance of
the insurer's obligation under the policy, the insurance shall be deemed canceled and a refund
shall be paid or credited as provided in section 62B.08. Upon prepayment in full, the creditor shall
make the refund of unearned premium, unless the credit insurance was originated by a third party,
in which case the creditor shall promptly notify the third party who shall make the refund.
History: Ex1967 c 2 s 5; 1977 c 382 s 4; 1978 c 641 s 1; 1Sp1985 c 10 s 61; 1986 c 455 s
87; 1993 c 343 s 12

62B.06 PROVISIONS OF POLICIES AND CERTIFICATES OF INSURANCE;
DISCLOSURE TO DEBTORS.
    Subdivision 1. Policy, memorandum copy, or certificate required. All credit life insurance,
credit accident and health insurance, and credit involuntary unemployment insurance shall be
evidenced by an individual policy, memorandum copy, or in the case of group insurance by a
certificate of insurance, which shall be delivered to the debtor.
    Subd. 2. Required provisions. Each individual policy or group certificate of credit life
insurance, credit accident and health insurance, or credit involuntary unemployment insurance,
shall, in addition to other requirements of law, set forth the name and home office address
of the insurer, the name or names of the debtor or in the case of a certificate under a group
policy, the identity by name or otherwise of the debtor, the rate or amount of payment, if any, by
the debtor separately for credit life insurance, credit accident and health insurance, and credit
involuntary unemployment insurance, a description of the amount, term and coverage including
any exceptions, limitations and restrictions, and shall state that the benefits shall be paid to the
creditor to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance
may exceed the unpaid indebtedness, that any such excess shall be payable to the debtor, if
living, otherwise to a beneficiary, other than the creditor, named by the debtor, otherwise to the
debtor's estate. No individual or group policy of credit accident and health insurance or credit
involuntary unemployment insurance issued, amended, renewed, or delivered in this state on or
after January 1, 1976 shall contain any provision offsetting, or in any other manner reducing any
benefit under the policy by the amount of, or in proportion to, any increase in disability or other
benefits received or receivable under the federal Social Security Act, as amended subsequent to
the date of commencement of such benefit.
    Subd. 3. Delivery to debtor at time of indebtedness. The individual policy or group
certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is
incurred except as hereinafter provided.
    Subd. 4. Exception to delivery requirement. If the individual policy or group certificate of
insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the
application for the policy or a notice of proposed insurance, signed by the debtor and setting forth
the name and home office address of the insurer, the name or names of the debtor, the premium
or amount of payment by the debtor, if any, separately for credit life insurance, credit accident
and health insurance, and credit involuntary unemployment insurance, the amount, term and
a brief description of the coverage provided, shall be delivered to the debtor at the time the
indebtedness is incurred. The copy of the application for, or notice of proposed insurance, shall
also refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale
or other credit statement of account, instrument or agreement, unless the information required
by this subdivision is prominently set forth therein. Upon acceptance of the insurance by the
insurer and within 30 days of the date on which the indebtedness is incurred, the insurer shall
cause the individual policy or group certificate of insurance to be delivered to the debtor. The
application or notice of proposed insurance shall state that upon acceptance by the insurer, the
insurance shall become effective as provided in section 62B.05. If an application for a policy or a
notice of proposed insurance is not delivered at the time the indebtedness is incurred as required
by this subdivision, the creditor shall assume all of the liabilities under such insurance until
an insurer accepts the risk.
    Subd. 5. Substituted insurer requirements. If the insurer named in either the application or
notice of proposed insurance does not accept the risk, then the debtor shall receive a policy or
certificate of insurance setting forth the name and home office address of the substituted insurer
and the amount of the premium to be charged, and if the amount of premium is less than that set
forth in the application or notice of proposed insurance an appropriate refund shall be made.
History: Ex1967 c 2 s 6; 1975 c 323 s 2; 1986 c 444; 1993 c 343 s 13-15

62B.07 REGULATION OF RATES AND FORMS.
    Subdivision 1. Filing. All policies, certificates of insurance, notices of proposed insurance,
applications for insurance, endorsements and riders delivered or issued for delivery in this state
and the schedules of premium rates pertaining thereto shall be filed with the commissioner.
    Subd. 2. Disapproval. The commissioner shall within 60 days after the filing of policies,
certificates of insurance, notices of proposed insurance, applications for insurance, endorsements
and riders, disapprove any such form if the premium rates charged or to be charged are excessive
in relation to benefits, or if it contains provisions which are unjust, unfair, inequitable, misleading,
deceptive or encourage misrepresentation of the coverage, or are contrary to any provision of
the insurance laws or of any rule promulgated thereunder. In order to determine whether the
premium to be charged under a particular policy form submitted by an insurer is excessive in
relation to benefits, and to facilitate the submission and approval of policy forms and premium
rates to be used in connection therewith, the commissioner shall give full consideration to and
make reasonable allowances for underwriting expenses including, but not limited to, claim
adjustment expenses, general administrative expenses including costs for handling return
premiums, compensation to agents, expense allowances to creditors, if any, branch and field
expenses and other acquisition costs, the types of policies actually issued and authorized as
defined in section 62B.03, clauses (1), (2), (3), (4), (5), and (6), and any and all other factors
and trends demonstrated to be relevant. An insurer may support these factors by statistical
information, experience, actuarial computations, and/or estimates certified by an executive officer
of the insurer, and the commissioner shall give due consideration to such supporting data.
    Subd. 3. Consequences of disapproval. If the commissioner notifies the insurer that the
form is disapproved, it is unlawful thereafter for the insurer to issue or use it. In the notice, the
commissioner shall specify the reason for disapproval and state that a hearing will be granted
within 20 days after a request in writing by the insurer. No policy, certificate of insurance, notice
of proposed insurance, nor any application, endorsement or rider, shall be issued or used until
the expiration of 60 days after it has been filed, unless the commissioner gives prior written
approval thereto.
    Subd. 4. Withdrawal. The commissioner may, at any time after a hearing held not less
than 20 days after written notice to the insurer, withdraw approval of a form on any ground set
forth in subdivision 2 above. The written notice of the hearing shall state the reason for the
proposed withdrawal.
    Subd. 5. Issuance after withdrawal. It is not lawful for the insurer to issue forms after the
effective date of their withdrawal by the commissioner.
    Subd. 6. Exception for certain credit insurance. If a group policy of credit life insurance,
credit accident and health insurance, or credit involuntary unemployment insurance
(1) has been delivered in this state before May 28, 1967, or
(2) has been or is delivered in another state before or after May 28, 1967, the insurer shall be
required to file only the group certificate and notice of proposed insurance delivered or issued for
delivery in this state as specified in subdivisions 2 and 4 of section 62B.06 and the forms shall be
approved by the commissioner if they conform to the requirements specified in those subdivisions
and if the schedules of premium rates applicable to the insurance evidenced by the certificate or
notice are not in excess of the insurer's schedules of premium rates filed with the commissioner;
provided, however, the premium rate in effect on existing group policies may be continued until
the first policy anniversary date following May 28, 1967, as provided in section 62B.12.
    Subd. 7. Judicial review. Any order or final determination of the commissioner under the
provisions of this section shall be subject to judicial review.
    Subd. 8. Annual report. Each insurer that sold insurance regulated under this chapter in this
state or to a Minnesota resident during the preceding calendar year shall file, as a supplement to
its annual statement, a report covering that calendar year. The report must include the following
data for coverage regulated by this chapter and sold in this state or to a Minnesota resident, all
shown separately for each rate for each policy form or certificate form used for credit insurance
regulated under this chapter:
(1) claims incurred;
(2) premiums earned;
(3) expenses other than claims;
(4) the data described in clauses (1), (2), and (3), shown separately for policies sold at each
premium rate used by the insurer;
(5) a statement as to whether the insurer applies or has applied underwriting criteria to
coverage sold under this chapter, a description of any such criteria and the specific policies or
certificates to which the criteria are applied;
(6) information as to the compensation paid in regard to the sale of credit insurance regulated
under this chapter as follows:
(i) the name and address of each person or company to whom compensation was paid;
(ii) the total compensation paid to each person or company; and
(iii) the total premiums written by each person or company for which the compensation
in clause (2) was paid; and
(7) any other information requested by the commissioner.
For purposes of this section, "compensation" includes pecuniary or nonpecuniary
remuneration of any kind relating to the sale or renewal of the policy or certificate, including
but not limited to bonuses, gifts, prizes, awards, dividends, experience refunds, retrospective
commissions, finder's fees, and increased or decreased prices for other transactions with the
insurer.
History: Ex1967 c 2 s 7; 1985 c 248 s 70; 1986 c 444; 1986 c 455 s 11,12; 1992 c 564 art
5 s 1; 1993 c 343 s 16,17

62B.08 PREMIUMS AND REFUNDS.
    Subdivision 1. Schedules and rates; revisions. An insurer may revise its schedules or
premium rates from time to time, and shall file such revised schedules with the commissioner. No
insurer shall issue any credit life insurance policy, credit accident and health insurance policy,
or credit involuntary unemployment insurance policy for which the premium rate exceeds that
determined by the schedules of the insurer then on file with the commissioner.
    Subd. 2. Termination before maturity date. Each individual policy or group certificate
shall provide that in the event of termination of the insurance prior to the scheduled maturity date
of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or
credited promptly to the person entitled thereto; provided, however, that a premium refund or
credit need not be made if the amount thereof is less than $5. The formula to be used in computing
the refund shall be filed with and approved by the commissioner.
    Subd. 3. Required payments; credit to be made when policy or certificate not issued.
If a creditor requires a debtor to make a payment for credit life insurance, credit accident and
health insurance, or credit involuntary unemployment insurance and an individual policy or group
certificate of insurance is not issued, the creditor shall immediately give written notice to the
debtor and shall promptly make an appropriate credit to the account.
    Subd. 4. Limitation on insurance charges. The amount charged to a debtor for credit life
insurance, credit accident and health insurance, or credit involuntary unemployment insurance
shall not exceed the premiums charged by the insurer, as computed at the time the charge to the
debtor is determined, and any premium charged or collected on a single premium basis shall
be submitted to the insurer within 90 days of the month in which said premium is charged or
collected.
    Subd. 5. Credit involuntary unemployment insurance; compensation to creditor limited.
With respect to credit involuntary unemployment insurance only, an insurer, subsidiary, or parent
of the insurer shall not pay compensation to a creditor or a group policyholder offering credit
involuntary unemployment insurance in excess of 30 percent of the net written premiums.
    Subd. 6. Compensation defined. "Compensation" means any valuable consideration, direct
or indirect, paid by or on behalf of the insurer, or by any subsidiary or parent, or subsidiary of
the parent of the insurer, or by any other person to whom or on behalf of any group policyholder
or creditor or withheld from an insurer by any group policyholder or creditor, including but
not limited to: commissions, retrospective commissions, retrospective rate credits, experience
refunds, dividends, service fees, expense allowances or reimbursements, gifts, equipment,
facilities, goods or services, or any other form of remuneration resulting directly from the sale of
credit involuntary unemployment insurance.
History: Ex1967 c 2 s 8; 1993 c 343 s 18-22; 1995 c 202 art 2 s 26

62B.09 ISSUANCE OF POLICIES.
    Subdivision 1. Regulation. Policies of credit life insurance and credit accident and health
insurance shall be delivered or issued for delivery in this state only by an insurer authorized to
do an insurance business in this state and shall be issued only through holders of licenses or
authorizations issued by the commissioner.
    Subd. 2. Characterization of premiums. The premiums for individual policies of credit
life or credit accident and health insurance issued to debtors or the cost to debtors under group
policies of credit life or credit accident and health insurance issued to creditors, whether or not
written by or through any lender or other creditor, its affiliate, associate or subsidiary or a director,
officer or employee of any of them, shall not be deemed interest or charges nor consideration or
any amount whatsoever for any examination, service, brokerage, commission, compensation for
services, incidental expenses or other thing or otherwise, in addition to or in excess of permitted
interest or charges in connection with the loan or credit transaction. Any gain, participation or
advantage to any lender or other creditor, its affiliate, associates or subsidiary or to a director,
officer or employee of any of them arising out of such premium or cost by way of commission,
dividend or otherwise, shall not be deemed interest or charges nor consideration or any amount
whatsoever for any examination, service, brokerage, commission, compensation for services,
incidental expenses or other thing or otherwise, in addition to or in excess of permitted interest or
charges in connection with the loan or credit transaction.
    Subd. 3. Creditor's authority. Any creditor doing business in the state of Minnesota may, in
the same office or place of business where such creditor transacts business, take applications or
enrollments for credit life insurance, credit accident and health insurance, or credit involuntary
unemployment insurance upon a borrower or purchaser or one of them if there are two or more in
connection with the making of a loan or sale.
History: Ex1967 c 2 s 9; 1993 c 343 s 23

62B.10 CLAIMS.
    Subdivision 1. Handling. All claims shall be promptly reported to the insurer or its
designated claim representative, and the insurer shall maintain adequate claim files. Claims shall
be settled as soon as possible and in accordance with the terms of the insurance contract.
    Subd. 2. Payment. All claims shall be paid either by draft drawn upon the insurer or by
check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to
the policy provisions, or upon direction of the claimant to one specified.
    Subd. 3. Settlement or adjustment. No plan or arrangement shall be used whereby any
person, firm or corporation other than the insurer or its designated claim representative shall be
authorized to settle or adjust claims. The creditors shall not be designated as claim representative
for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with
the group insurer, draw drafts or checks in payment of claims due to the group policyholder
subject to audit and review by the insurer.
History: Ex1967 c 2 s 10

62B.11 EXISTING INSURANCE; CHOICE OF INSURER.
When credit life insurance, credit accident and health insurance, or credit involuntary
unemployment insurance is required as additional security for any indebtedness, the debtor shall,
upon request to the creditor, have the option of furnishing the required amount of insurance
through existing policies of insurance owned or controlled by the debtor or of procuring and
furnishing the required coverage through any insurer authorized to transact an insurance business
within this state.
History: Ex1967 c 2 s 11; 1986 c 444; 1993 c 343 s 24

62B.12 RULEMAKING.
The commissioner may, after notice and hearing, issue rules the commissioner deems
appropriate for the supervision of sections 62B.01 to 62B.14. The commissioner shall promulgate
rules to establish rates for credit involuntary unemployment insurance prior to its issuance, and
to enact the other provisions of Laws 1993, chapter 343, and the commissioner shall report by
February 15, 1994, to the house of representatives Committee on Financial Institutions and
Insurance and to the senate Commerce and Consumer Protection Committee on the rules or
status of the rulemaking, including the expected loss ratio. The commissioner is not obligated
to promulgate a rule unless and until four or more insurers who plan to write credit involuntary
unemployment insurance in Minnesota agree to pay for the cost of the promulgation of any rules
authorized by this section. Companies selling credit involuntary unemployment insurance shall
be assessed by the department to pay the costs of rulemaking.
Moneys collected pursuant to this provision must be deposited in the state treasury and
credited to a special account and are appropriated to the commissioner for the rulemaking
purposes authorized by this section.
For the purposes of chapter 62B, any insurer authorized to offer the coverage specified by
section 60A.06, subdivision 1, clause (1) or (4), shall be authorized to sell credit involuntary
unemployment insurance pursuant to this chapter.
History: Ex1967 c 2 s 12; 1985 c 248 s 70; 1986 c 444; 1993 c 343 s 25; 1994 c 425 s 11

62B.13 JUDICIAL REVIEW.
Any party to the proceeding affected by an order of the commissioner shall be entitled to
judicial review in accordance with chapter 14.
History: Ex1967 c 2 s 13; 1982 c 424 s 130

62B.14 PENALTIES.
In addition to any other penalty provided by law, any person, firm or corporation which
violates an order of the commissioner after it has become final, and while it is in effect, shall,
upon proof thereof to the satisfaction of the court, forfeit and pay to the state a sum not to exceed
$250 which may be recovered in a civil action, except that if the violation is found to be willful,
the amount of the penalty shall be a sum not to exceed $1,000. The commissioner may revoke or
suspend the license or certificate of authority of the person, firm or corporation guilty of such
violation. Such order for suspension or revocation shall be upon notice and hearing, and shall be
subject to judicial review as provided in section 62B.13.
History: Ex1967 c 2 s 14; 1986 c 444