Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

Office of the Revisor of Statutes

Sections 61A.07, clause (4), and 61A.245 shall not apply to contracts on a variable basis. All
other appropriate provisions of this chapter shall apply to separate accounts and contracts on a
variable basis except those which are inconsistent with the provisions contained in sections 61A.13
to 61A.20. Any contract on a variable basis, delivered or issued for delivery in this state, shall
contain in substance provisions for grace, settlement option, loan or withdrawal and nonforfeiture
appropriate to such a contract and a life insurance contract on a variable basis should also contain
in substance a provision for reinstatement appropriate to such a contract. The reserve liability
for contracts on a variable basis shall be established in accordance with actuarial procedures that
recognize the variable nature of the benefits provided and any mortality guarantees.
History: 1967 c 395 art 2 s 21; 1969 c 752 s 15; 1973 c 480 s 5; 1978 c 662 s 2

Official Publication of the State of Minnesota
Revisor of Statutes