Minnesota Commerce Department grants flexibility to domestic insurers for annual meetings

State Issues Covid-19 Minnesota

On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-13 to domestic insurers regarding annual meetings. The guidance urges insurers to be flexible in rescheduling meetings or allowing alternatives to in-person annual policyholder or shareholder meetings. Temporary amendments to an insurer’s bylaws to adopt statutory provisions that allow more flexibility regarding the scheduling of annual shareholder or policyholder meetings and remote meetings of the board of directors and board committees in response to Covid-19 are deemed approved by the Commerce Department for the duration of the public health emergency. In addition, corporate actions are not rendered invalid by the failure to hold an annual meeting.