Licensing Requirements: Surplus lines brokers are required to be licensed under Minnesota law. Minn. Stat. § 60A.198. To obtain a license, a resident applicant must file an application, maintain an
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. An agent who receives funds
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Producers may charge a fee for placement of insurance
A producer may charge fees in addition to commissions provided the fees are charged pursuant to a written statement disclosing: the services for which fees are charged; the amount of
What entities are covered? “Any person or business that conducts business in [Minnesota], and that owns or licenses data that includes personal information.” (Subdiv. 1(a)) There is, however, an exception.
