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Code · Minnesota · Chapter 61

61A.54 EXEMPTIONS.

114 words·~1 min read·/mn/chapter-61/61a-54

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61A.54 EXEMPTIONS.
Unless otherwise specifically included, sections 61A.53 to 61A.60 do not apply to transactions involving:
(1)credit life insurance;
(2)group life insurance or group annuities;
(3)an application to the existing insurer that issued the existing life insurance or annuity, where a contractual change or a conversion privilege is being exercised;
(4)proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company; or
(5)transactions where the replacing insurer and the existing insurer are the same, or are subsidiaries or affiliates under common ownership or control; provided, however, that agents or brokers proposing replacement shall comply with section 61A.55, subdivision 1 .
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