60A.0788 FRAUDULENT ACTS.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Subdivision 1. Fraudulent acts.

A person who commits a fraudulent act as defined in this section commits insurance fraud and may be sentenced under section 609.611 , subdivision 3.

Subd. 2. List of fraudulent acts.

All of the following acts are fraudulent when committed by a person who, with intent to defraud and for the purpose of depriving another of property or for pecuniary gain, commits, or permits any of its employees or its agents to commit them:

(1)failing to disclose to the insurer where the insurer has requested such disclosure that the prospective insured has undergone a life expectancy evaluation;

(2)misrepresenting a person's state of residence or facilitating the change of the state in which a person resides for the express purpose of evading or avoiding the provisions of sections 60A.078 to 60A.0789;

(3)presenting, causing to be presented, or preparing with knowledge or belief that it will be presented to an insurer any false material information, or concealing any material information, as part of, in support of, or concerning a fact material to one or more of the following:

(i)a questionnaire as provided for under section 60A.0787 ; or

(ii)any other documents or communications, whether written or verbal, which are intended to detect STOLI practices or demonstrate compliance with sections 60A.078 to 60A.0789;

(4)encouraging the insured, policyowner, or owner of a beneficial interest in the policy to falsely state that the circumstances described in section 60A.0785 are not present or aiding in the preparation or execution of documents designed to create the false impression that those circumstances are not present; and

(5)failing to request or to provide the broker certification required by section 60A.0785, subdivision 2 , or falsely certifying that the life expectancy evaluation in section 60A.0785, subdivision 2 , was not shared with any other person prior to the issuance of the policy for the purpose of determining the actual or potential value of the policy in the secondary market.