61B.21 MINNESOTA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION.
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61B.21 MINNESOTA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION.
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Subdivision 1. Functions.
The Minnesota Life and Health Insurance Guaranty Association shall perform its functions under the plan of operation established and approved under section 61B.25 , and shall exercise its powers through a board of directors. The association is not a state agency for purposes of chapter 16A, 16B, 16C, or 43A. For purposes of administration and assessment, the association shall establish and maintain two accounts:
(1)the life insurance and annuity account which includes the following subaccounts:
(i)the life insurance account;
(ii)the annuity account; and
(iii)the unallocated annuity account; and
(2)the health account.
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Subd. 2. Supervision by commissioner of commerce.
The association is under the immediate supervision of the commissioner and is subject to the applicable provisions of the insurance laws of this state.