61A.54 EXEMPTIONS.
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/mn/chapter-61/61a-54A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .