---
title: "Venture Capital Asset Protection Insurance in Minnesota"
description: "Check how Minnesota adviser rules and fund entity structure affect a venture capital manager’s insurance review."
canonical: "https://spot.insure/coverage/venture-capital-asset-protection/minnesota"
page-type: "coverage-state-guide"
updated-at: "2026-09-28"
---

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# Venture Capital Asset Protection Insurance in Minnesota

Minnesota administers its own adviser registration and exemption requirements. Verify which manager entities conduct advisory business in the state before finalizing the insured schedule. The SEC exemption from federal registration is not a blanket state exemption, so confirm the adviser’s state filing position and list the correct entities for insurance.[^2][^1]

**Coverage:** [Venture capital asset protection](/coverage/venture-capital-asset-protection) · [Minnesota](/coverage/states/minnesota)

## What Is Venture Capital Asset Protection?

Venture capital asset protection can combine management and professional liability for a venture or private-equity fund and its managers. The label is not a standard coverage package, so check which funds, partners, board roles and claims the quote includes. [Read the national Venture capital asset protection guide](/coverage/venture-capital-asset-protection).

## What to Watch for in Minnesota

### Check the State Adviser Filing

Minnesota administers its own adviser registration and exemption requirements. Verify which manager entities conduct advisory business in the state before finalizing the insured schedule. Confirm the regulator-facing status of the adviser entity; do not assume SEC exempt-reporting treatment settles it.[^2][^1]

### Map Each Fund and Manager Entity

For Minnesota operations, give underwriting the state-specific entity and representative roster so the proposal does not name only the fund. Give the broker the fund, GP, adviser and management-company chart, then ask how the policy coordinates with each entity’s indemnification obligations under its governing documents and organizing law.[^3][^1]

### Match the Policy to Fund Work

Include the Minnesota adviser and fund relationships in the application entity chart. Ask for a written schedule of funds, management entities, partner board seats and covered professional services; the product label does not establish those terms.[^1][^2]

## Who Regulates Insurance in Minnesota

**Minnesota Department of Commerce.** The Minnesota Department of Commerce regulates insurance companies and producers, reviews rates and forms, and investigates complaints. You can use its state lookup or complaint service to check a license or raise an insurance issue.[^4][^5][^6]

- [Regulator website](https://mn.gov/commerce/insurance/)
- [License lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/)
- [File a complaint](https://mn.gov/commerce/consumer/file-a-complaint/)
- Phone: 651-539-1600

### Surplus-Lines Tax and Stamping Office

**Reported tax rate:** 3% of taxable gross premiums less return premiums, plus a 0.04% stamping fee on taxable premium when Minnesota is the insured's home state When Minnesota is the insured's home state, 3% tax applies to taxable gross premiums less return premiums; the separate 0.04% stamping fee on taxable premium is paid by you to the broker. Minnesota requires a policy warning that insolvency loss payment by a nonadmitted insurer is not guaranteed. A diligent search generally applies unless a Minnesota-licensed producer unaffiliated with the surplus-lines broker refers the risk, which the statute deems unavailable from a licensed insurer; an exempt commercial purchaser also has a separate written-request route after the required admitted-market disclosure.[^7][^10][^8][^9][^11]
[Minnesota Surplus Lines Association](https://www.mnsla.com/)

## Providers With Documented State Licenses

No provider in Spot’s research documents both a state license record and this coverage line. This does not establish that providers are unlicensed. [Check the regulator’s license lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/) and confirm availability with a provider when requesting a quote.

## Questions to Ask Before You Buy in Minnesota

1. Which adviser, management company, general partner and funds does this proposal insure by name?
2. Does the policy include outside-director protection for partners serving on portfolio-company boards?
3. Are limited-partner allegations about fund disclosures or governance within the covered professional services?

## Venture Capital Asset Protection in Minnesota: FAQ

### Is the federal venture capital adviser exemption enough for state registration in Minnesota?

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. Minnesota administers its own adviser registration and exemption requirements. Verify which manager entities conduct advisory business in the state before finalizing the insured schedule. Check the applicable state filing status for the adviser and its representatives.[^1][^2]

### What Minnesota adviser rule should a VC fund check before buying VCAP?

The state adviser-registration summary says: Minnesota administers its own adviser registration and exemption requirements. Verify which manager entities conduct advisory business in the state before finalizing the insured schedule. Separate this filing or financial-responsibility rule from liability coverage, then ask the broker whether the policy covers the adviser, GP, management company and funds.[^2][^1]

### Which entities should a venture fund in Minnesota include in its VCAP application?

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. For Minnesota operations, give underwriting the state-specific entity and representative roster so the proposal does not name only the fund. Ask the insurer to confirm which entities, services and board seats are covered in writing.[^1][^3]

## Venture Capital Asset Protection in Other States

- [Alabama](/coverage/venture-capital-asset-protection/alabama)
- [Alaska](/coverage/venture-capital-asset-protection/alaska)
- [Arizona](/coverage/venture-capital-asset-protection/arizona)
- [Arkansas](/coverage/venture-capital-asset-protection/arkansas)
- [California](/coverage/venture-capital-asset-protection/california)
- [Colorado](/coverage/venture-capital-asset-protection/colorado)
- [Connecticut](/coverage/venture-capital-asset-protection/connecticut)
- [Delaware](/coverage/venture-capital-asset-protection/delaware)
- [District of Columbia](/coverage/venture-capital-asset-protection/district-of-columbia)
- [Florida](/coverage/venture-capital-asset-protection/florida)
- [Georgia](/coverage/venture-capital-asset-protection/georgia)
- [Hawaii](/coverage/venture-capital-asset-protection/hawaii)
- [Idaho](/coverage/venture-capital-asset-protection/idaho)
- [Illinois](/coverage/venture-capital-asset-protection/illinois)
- [Indiana](/coverage/venture-capital-asset-protection/indiana)
- [Iowa](/coverage/venture-capital-asset-protection/iowa)
- [Kansas](/coverage/venture-capital-asset-protection/kansas)
- [Kentucky](/coverage/venture-capital-asset-protection/kentucky)
- [Louisiana](/coverage/venture-capital-asset-protection/louisiana)
- [Maine](/coverage/venture-capital-asset-protection/maine)
- [Maryland](/coverage/venture-capital-asset-protection/maryland)
- [Massachusetts](/coverage/venture-capital-asset-protection/massachusetts)
- [Michigan](/coverage/venture-capital-asset-protection/michigan)
- [Mississippi](/coverage/venture-capital-asset-protection/mississippi)
- [Missouri](/coverage/venture-capital-asset-protection/missouri)
- [Montana](/coverage/venture-capital-asset-protection/montana)
- [Nebraska](/coverage/venture-capital-asset-protection/nebraska)
- [Nevada](/coverage/venture-capital-asset-protection/nevada)
- [New Hampshire](/coverage/venture-capital-asset-protection/new-hampshire)
- [New Jersey](/coverage/venture-capital-asset-protection/new-jersey)
- [New Mexico](/coverage/venture-capital-asset-protection/new-mexico)
- [New York](/coverage/venture-capital-asset-protection/new-york)
- [North Carolina](/coverage/venture-capital-asset-protection/north-carolina)
- [North Dakota](/coverage/venture-capital-asset-protection/north-dakota)
- [Ohio](/coverage/venture-capital-asset-protection/ohio)
- [Oklahoma](/coverage/venture-capital-asset-protection/oklahoma)
- [Oregon](/coverage/venture-capital-asset-protection/oregon)
- [Pennsylvania](/coverage/venture-capital-asset-protection/pennsylvania)
- [Rhode Island](/coverage/venture-capital-asset-protection/rhode-island)
- [South Carolina](/coverage/venture-capital-asset-protection/south-carolina)
- [South Dakota](/coverage/venture-capital-asset-protection/south-dakota)
- [Tennessee](/coverage/venture-capital-asset-protection/tennessee)
- [Texas](/coverage/venture-capital-asset-protection/texas)
- [Utah](/coverage/venture-capital-asset-protection/utah)
- [Vermont](/coverage/venture-capital-asset-protection/vermont)
- [Virginia](/coverage/venture-capital-asset-protection/virginia)
- [Washington](/coverage/venture-capital-asset-protection/washington)
- [West Virginia](/coverage/venture-capital-asset-protection/west-virginia)
- [Wisconsin](/coverage/venture-capital-asset-protection/wisconsin)
- [Wyoming](/coverage/venture-capital-asset-protection/wyoming)

[Other Coverage in Minnesota](/coverage/states/minnesota)

## Sources

[^1]: [Private Fund Adviser Overview](https://www.sec.gov/about/divisions-offices/division-investment-management/private-fund-adviser-overview) — U.S. Securities and Exchange Commission; Federal exemptions for advisers solely to venture capital funds; state registration may also apply. Accessed 2026-09-28.
[^2]: [Minnesota Investment Adviser Registration Information](https://www.nasaa.org/industry-resources/investment-advisers/state-investment-adviser-registration-information/minnesota/) — North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
[^3]: [Minnesota Legal Materials](https://www.law.cornell.edu/states/minnesota) — Legal Information Institute, Cornell Law School; Constitution and Legislation; official state statutes portal. Accessed 2026-09-28.
[^4]: [Insurance](https://mn.gov/commerce/insurance/) — Insurance; Insurance regulator and consumer resources. Accessed 2026-09-28.
[^5]: [Insurance License Lookup](https://www.commerce.mn.gov/commerce/licensing/license-lookup/) — Insurance; State-designated producer/company search. Accessed 2026-09-28.
[^6]: [File an Insurance Complaint](https://mn.gov/commerce/consumer/file-a-complaint/) — Insurance; Insurance complaint topic; filing portal, complaints line, email contact. Accessed 2026-09-28.
[^7]: [Minn. Stat. §297I.05](https://www.revisor.mn.gov/statutes/2025/cite/297I.05) — Minnesota Revisor of Statutes; 3% on gross premiums less return premiums when Minnesota is insured's home state; 100% taxable in Minnesota. Accessed 2026-09-28.
[^8]: [Instructions for 2026 Semiannual Stamping Fee Report](https://www.mnsla.com/news/MN%20Stamping%20Fee%20Report%202026.pdf) — Minnesota Surplus Lines Association; 2026 report p.1, lines 82–94: stamping fee rate .0004 (0.04%) of policy premium for transactions effective on or after October 1, 2016; current report linked from the association's 2026 site.. Accessed 2026-09-28.
[^9]: [Minn. Stat. §60A.207](https://www.revisor.mn.gov/statutes/2025/cite/60A.207) — Minnesota Revisor of Statutes; 2025 text, lines 250–255: policy notice states insurer is not otherwise licensed in Minnesota and insolvency loss payment is not guaranteed.. Accessed 2026-09-28.
[^10]: [Minn. Stat. §297I.01](https://www.revisor.mn.gov/statutes/2025/cite/297I.01) — Minnesota Revisor of Statutes; Definition of gross premiums for nonadmitted insurance includes fees, assessments and other consideration, with stamping fee and operating assessment exclusions. Accessed 2026-09-28.
[^11]: [Minnesota Statutes 2025, §60A.201](https://www.revisor.mn.gov/statutes/2025/cite/60A.201) — Minnesota Revisor of Statutes; 2025 Minn. Stat. §60A.201 subd.1 (admitted-market restriction); subd.5 (ECP disclosure and subsequent written request); subd.6 (risk referred by unaffiliated Minnesota-licensed producer deemed unavailable). Amendments listed through 2025.. Accessed 2026-09-28.
[^12]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
[^13]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22.
[^14]: [Insurance Producer Licenses](https://www.corgi.insure/broker-licenses) — Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown.. Accessed 2026-09-28.
[^15]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
[^16]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28.
[^17]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28.
[^18]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15.

Updated 2026-09-28.

This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). To suggest a correction, [contact Spot](/contact) with a supporting source.

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