59A.04 ACTION BY COMMISSIONER ON APPLICATION.
152 words·~1 min read·
/mn/chapter-59/59a-04A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59A.04 ACTION BY COMMISSIONER ON APPLICATION.
§
Subdivision 1. Investigation and hearing.
Upon the filing of an initial application and the payment of the license fee, the commissioner shall make an investigation of each applicant. If a license has not been issued within 30 days after receipt of the application the commissioner shall, at the request of the applicant, give the applicant a full hearing.
§
Subd. 2. License issued.
The commissioner shall issue or renew a license when satisfied that the person to be licensed:
(a)is competent and trustworthy and intends to act in good faith in the financing of insurance premiums;
(b)has a good business reputation and has had experience, training or education so as to be qualified in financing insurance premiums; and
(c)if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.