US Laws, Codes, Statutes & Cases

     72A.40 Purpose.  

    The legislature declares that it is a subject of concern 
 that many residents of this state hold policies of insurance 
 issued or delivered in this state by insurers not authorized to 
 do insurance business in this state.  The legislature further 
 declares that it desires to protect residents of this state 
 against acts by insurers not authorized to do an insurance 
 business in this state, to maintain fair and honest insurance 
 markets, to protect the premium tax revenues of this state, to 
 protect authorized insurers who are subject to strict regulation 
 from unfair competition by unauthorized insurers, and to protect 
 against the evasion of the insurance regulatory laws of this 
 state.  In furtherance of the state interest, the legislature 
 herein provides a method for substituted service of process upon 
 unauthorized insurers.  The legislature declares that in so 
 doing it exercises its power to protect residents of this state 
 and to define what constitutes doing an insurance business in 
 this state, and also exercises powers and privileges available 
 to this state by virtue of Public Law 79-15, Statutes at 
 Large, volume 59, page 33, as amended, which declares that the 
 business of insurance and every person engaged therein shall be 
 subject to the laws of the several states.  

    HIST: 1967 c 590 s 1 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.