Minnesota Statutes 80A.91 – Agent Errors and Omissions Insurance; Choice of Source
Current as of: 2023 | Check for updates
|
Other versions
A broker-dealer shall not require an agent to maintain insurance coverage for the agent’s errors and omissions from a specific insurance company. This section does not apply if the agent is an employee of that broker-dealer, or if the broker-dealer or affiliated insurance company contributes to the premiums for the errors and omissions coverage. Nothing in this section shall prohibit a broker-dealer from requiring an agent to maintain errors and omissions coverage or requiring that the errors and omissions coverage meet certain criteria.
Terms Used In Minnesota Statutes 80A.91
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Minnesota Statutes 80A.41
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Minnesota Statutes 80A.41
- Employee: includes an independent contractor who performs advisory functions on behalf of an investment adviser. See Minnesota Statutes 80A.41
- Insurance company: means a company organized as an insurance company whose primary business is writing insurance or reinsuring risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state. See Minnesota Statutes 80A.41