Minnesota Statutes 72A.03 – Agent of Insurer; Procuring Premiums by Fraud
Current as of: 2023 | Check for updates
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Every insurance agent who acts for another in negotiating a contract of insurance by an insurance company shall be held to be the company’s agent for the purpose of collecting or securing the premiums therefor, whatever conditions or stipulations may be contained in the contract or policy. Any such agent who by fraudulent representations procures payment, or an obligation for the payment, of an insurance premium shall be guilty, for the first offense, of a misdemeanor, and for each subsequent offense, of a gross misdemeanor.
Attorney's Note
Under the Minnesota Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Gross misdemeanor | up to 1 year | up to $3,000 |
| Misdemeanor | up to 90 days | up to $1,000 |
Terms Used In Minnesota Statutes 72A.03
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.