Minn. Stat. § 60B.34
This is the official text of Minn. Stat. § 60B.34, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 60B.34 SETOFFS AND COUNTERCLAIMS.
Official statutory text
§ Subdivision 1. Setoffs allowed in general. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under sections 60B.01 to 60B.61 shall be set off and the balance only shall be allowed or paid, except as provided in subdivision 2.
§ Subd. 2. Exceptions. No setoff or counterclaim shall be allowed in favor of any person where: (a) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle that person to share as a claimant in the assets of the insurer; (b) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; (c) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or (d) the obligation of the person is to pay premiums, whether earned or unearned, to the insurer.
§ Subd. 2. Exceptions. No setoff or counterclaim shall be allowed in favor of any person where: (a) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle that person to share as a claimant in the assets of the insurer; (b) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; (c) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or (d) the obligation of the person is to pay premiums, whether earned or unearned, to the insurer.
Status: in_force · Read it on the official government site
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