MN HF4245

Amends Minnesota Statutes to add an exception to surplus lines insurer liability when an agent's or broker's sale, solicitation, or negotiation of insurance is facilitated by an illegal act.

Modifies section 60A.205 to specify that an eligible surplus lines insurer has not assumed a risk if the premium was never transmitted to the insurer AND the insurance transaction involved facilitation by an illegal act.

Adds a new subdivision 8 to section 60K.49 exempting surplus lines insurers and surplus lines producers from the application of that section, as provided under section 60K.30, paragraph (b).

Clarifies in section 72A.03 that insurance agents negotiating contracts with admitted insurance companies are agents of the company for purposes of collecting or securing premiums and remain subject to criminal penalties for fraudulent premium procurement.