New MN DOC Website
The Minnesota Department of Commerce launched a new "Insurance Gateway" Web site. The DOC took all the insurance content from the old Web site, reorganized it, added some new features and placed it on a dedicated insurance site. Insurance visitors—consumers, agents, companies, regulators—should find quicker access to the information they need. The address for the new site is
http://www.insurance.mn.gov/.
AIG
Bulletin 2008-8, posted Oct. 1, 2008, cautioned Minnesota licensees about taking advantage of the current market condition to solicit new business, modify current business, or to provide added incentives such as commission bonuses or rebates for moving existing AIG business. On Oct. 22, the DOC announced it had taken action against an insurance agent and agency for creating and publishing a newspaper advertisement that solicits business from current policyholders of AIG insurance companies by questioning the financial health of their parent company, AIG.
New Minnesota Surplus Lines Association
Bulletin 2008-6, posted Sept. 5, 2008, announced important information about the new Minnesota Surplus Lines Association. The 2008 Legislature officially established the Surplus Lines Association of Minnesota. All surplus-lines licensees are members of the Association.
DOC Child Support Insurance-Match Initiative
Bulletin 2008-5, posted Aug. 19, 2008, announced an insurance-match initiative available with the U.S. Department of Health and Human Services for identifying individuals delinquent in child-support payments before they receive any insurance proceeds.
Motor-Vehicle Service Contracts
Bulletin 2008-4, published on Sept. 8, 2008, detailed new procedures that the DOC will follow for motor-vehicle service contracts. As of Aug. 1, 2008, motor-vehicle service contract providers, motor-vehicle service contract administrators, and motor-vehicle manufacturers must comply with new chapter 59B. Before Aug. 1, 2008, Minn. Stat. § 65B.29 (2006) regulated motor-vehicle service contract providers and motor-vehicle service contract administrators. Section 65B.29 was repealed during the 2008 Regular Session.
Proposed Rule Making: Credit Life and Credit Accident and Health Insurance
On Aug. 6, 2008, the DOC published notice that it is undertaking rule-making for Credit Life and Credit Accident and Health Insurance. The DOC intends to adopt, amend and repeal rules governing Credit Life and Credit Accident and Health Insurance, Minn. Rules chapter 2760, after public hearing. The reason for rule-making is to update existing Minn. Rule chapter 2760, adopted in 1988, and establish a simpler and more efficient system for determining premium rates for life and disability credit insurance products.
Notes
John Knapp and
Mike Rothman participated in the 2008 American Bar Association (ABA) Tort Trial & Insurance Practice Section Annual Meeting, contributing to a seminar entitled "Annuity Suitability under the Microscope," which brought together a panel of annuity issuers, plaintiffs counsel, insurance regulators, and insurance agent counsel to discuss perspectives on the sale of annuities.
For more information, call
Michael J.Rothman or
John A. Knapp, or one of the attorneys listed below. Mike may be reached at (612)604-6486, or by e-mail at mrothman@winthrop.com. John may be reached at (612)604-6404, or by e-mail at jknapp@winthrop.com.