Minnesota Statutes 61B.21 – Minnesota Life and Health Insurance Guaranty Association
Subdivision 1.Functions.
The Minnesota Life and Health Insurance Guaranty Association shall perform its functions under the plan of operation established and approved under section 61B.25, and shall exercise its powers through a board of directors. The association is not a state agency for purposes of chapter 16A, 16B, 16C, or 43A. For purposes of administration and assessment, the association shall establish and maintain two accounts:
Terms Used In Minnesota Statutes 61B.21
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
(1) the life insurance and annuity account which includes the following subaccounts:
(i) the life insurance account;
(ii) the annuity account; and
(iii) the unallocated annuity account; and
(2) the health account.
Subd. 2.Supervision by commissioner of commerce.
The association is under the immediate supervision of the commissioner and is subject to the applicable provisions of the insurance laws of this state.