2001 Minnesota Statutes

     60K.17 Agents; variable contracts. 

    Subdivision 1.    License required.  No person shall 
 sell or offer for sale a contract on a variable basis unless 
 prior to making any solicitation or sale the person has obtained 
 from the commissioner a license therefor.  The license shall 
 only be granted, upon the written requisition of an insurer, to 
 a qualified person who holds a current license authorizing the 
 person to solicit and sell life insurance and annuity contracts 
 in this state.  To become qualified, a person shall complete a 
 written application on a form prescribed by the commissioner and 
 shall take and pass an examination prescribed by the 
 commissioner.  

    Subd. 2.    Exceptions.  (a) Any regularly salaried 
 officer or employee of a licensed insurer may, without license 
 or other qualification, act on behalf of that licensed insurer 
 in the negotiation of a contract on a variable basis, provided 
 that a licensed agent must participate in the sale of any 
 contract. 

    (b) Any person who holds a valid license to solicit and 
 sell life insurance and annuity contracts may solicit and sell 
 contracts on a variable basis without acquiring a license under 
 this subdivision if the contract is based on an account which is 
 excluded from the definition of investment company under the 
 Investment Company Act of 1940, United States Code, title 15, 
 section 80a-3(11). 

    Subd. 3.    Rules.  The commissioner may by rule waive 
 or modify any of the requirements in this section or prescribe 
 additional requirements considered necessary for the proper sale 
 and solicitation of contracts on a variable basis. 

    HIST: 1992 c 564 art 3 s 19 

*   NOTE:  This section is repealed by Laws 2001, chapter 117, article 
*1, section 28, effective July 1, 2002.  Laws 2001, chapter 117, article 
*1, section 29.