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Minnesota (MN)

 

Annuity Information

The Minnesota Dpartment of Commerce

Minnesota Department of Commerce is responsible for assuring that policyholders are protected against financially unsound insurance companies and from illegal, unfair and discriminatory business practices.

They achieve these goals through:

Licensing protects consumers by licensing over 270,000 professionals in more than 20 different industries – including insurance agents and adjusters, real estate brokers and salespeople, property appraisers, collection agencies and debt collectors.

Insurance evaluates products to ensure that all legal requirements are met and Minnesotans are charged fair rates. We also monitor the financial solvency of insurance companies so Minnesotans can trust that money will be available to pay claims.

 

 

Mike Rothman is the Commissioner of the Minnesota Department of Commerce (Department). He was appointed by Governor Mark Dayton in January 2011.

As Commissioner, Rothman oversees the Department’s broad jurisdiction of more than 20 regulated industries. Rothman’s top priorities include consumer protection, a clean energy future, and strong financial and energy sectors for Minnesota’s economy.

The Department regulates Minnesota’s insurance industry, financial institutions, securities and real estate sector. It also has a major role in overseeing the electric, natural gas and telephone sectors, energy conservation and efficiency, and administering low-income energy programs. Additionally, the Department regulates the accuracy of scales and pumps used for fuel and goods transactions in Minnesota’s economy.

Rothman served on the Executive (EX) Committee (2014–2015), chaired the Midwest Zone (2015) and currently serves on various committees of the NAIC. He is also the president-elect of the North American Securities Administrators Association (NASAA).

 

Minnesota Annuity Resources: Minnesotans with questions or complaints about life and annuity products should contact the Commerce Department's Consumer Services Center emailing consumer.protection@state.mn.us or by calling 651-539-1600 or 800-657-3602 (outside Twin Cities metro area).

 

Capital: St. Paul
State Commissioner: Mike Rithman
Insurance Hotline: (800) 657-3602
Annuity Guarantee Limit: $250,000
Website: https://mn.gov/commerce/consumers/your-insurance/life-annuities/
Guarantee Assoc: http://www.mnlifega.org/
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