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.
History: 1996 c 446 art 1 s 14