reglab/housing_qa huggingface dataset:
MN Stat § 61A.50 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.50 — Application.

61A.50 APPLICATION. Section 60A.16, and all other laws and parts of laws, in so far as they may be inconsistent with sections 61A.39 to 61A.42 and 61A.44 to 61A.50, shall not apply to corporations transacting the business of life or casualty insurance solely upon the cooperative or assessment plan, as defined in sections 61A.39 to 61A.42 and 61A.44 to 61A.50. History:   1967 c 395 art 2 s 50
MN Stat § 61A.51 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.51 — Insolvency.

61A.51 INSOLVENCY. In case any cooperative or assessment life, endowment, or casualty insurance association or society is adjudged insolvent, the balance of its reserve fund, if any, after payment of claims and other indebtedness, shall be paid to the commissioner who shall pay it into the state treasury. History:  1967 c 395 art 2 s 51; 1986 c 444
MN Stat § 61A.52 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.52 — Reserve Required.

61A.52 RESERVE REQUIRED. No casualty company or association organized under the cooperative or assessment laws of this state not having a reserve of at least $25,000 on deposit with the commissioner shall issue policies or contracts providing for the payment of endowments of any kind. History:   1967 c 395 art 2 s 52
MN Stat § 61A.53 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.53 — Definitions.

61A.53 DEFINITIONS. Subdivision 1. Applicability. For purposes of sections 61A.53 to 61A.60, the terms defined in this section have the meanings given. Subd. 2. Replacement. "Replacement" means any transaction in which new life insurance or a new annuity is to be purchased, and it is known or should be known to the proposing agent or broker or to the proposing insurer if there is no agent, that by reason of the transaction, existing life insurance or annuity has been or is to be: (1) lapsed, forfeited, surrendered, or otherwise terminated; (2) converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other policy values; (3) amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid; (4) reissued with any reduction in cash value; or (5) pledged as collateral or subjected to borrowing, whether in a single loan or under a schedule of borrowing over a period of time for amounts in the aggregate exceeding 25 percent of the loan value set forth in the policy. Subd. 3. Conservation. "Conservation" means any attempt by the existing insurer or its agent or broker to dissuade a policy owner or contract holder from the replacement of existing life insurance or annuity. Conservation does not include routine administrative procedures such as late payment reminders, late payment offers, or reinstatement offers. Subd. 4. Direct-response sale. "Direct-response sale" means any sale of life insurance or annuity where the insurer does not use an agent in the sale or delivery of the policy or contract. Subd. 5. Existing insurer. "Existing insurer" means the insurance company whose policy or contract is or will be changed or terminated in such a manner as described within the definition of "replacement." Subd. 6. Existing life insurance or annuity. "Existing life insurance or annuity" means any life insurance or annuity in force, including life insurance under a binding or conditional receipt or a life insurance policy or annuity contract that is within an unconditional refund period. Subd. 7. Replacing insurer. "Replacing insurer" means the insurance company that issues or proposes to issue a new policy or contract which is a replacement of existing life insurance or annuity. History:   1996 c 446 art 1 s 13
MN Stat § 61A.54 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.54 — Exemptions.

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
MN Stat § 61A.55 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.55 — Duties Of Agents And Brokers.

61A.55 DUTIES OF AGENTS AND BROKERS. Subdivision 1. Submission to insurer. Each agent or broker who initiates the application shall submit to the insurer to which an application for life insurance or annuity is presented, with or as part of each application: (1) a statement signed by the applicant as to whether replacement of existing life insurance or annuity is involved in the transaction; and (2) a signed statement as to whether the agent or broker knows replacement is or may be involved in the transaction. Subd. 2. Replacement information. Where a replacement is involved, the agent or broker shall: (1) present to the applicant, not later than at the time of taking the application, a "notice regarding replacement" in the form as described in section 61A.60, subdivision 1, or other substantially similar form approved by the commissioner. The notice shall be fully completed and signed by both the applicant and the agent or broker and left with the applicant. The completed notice must list all existing life insurance and annuity to be replaced, properly identified by name of insurer, the insured, and contract number. If a contract number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed; (2) leave with the applicant the original or a copy of any written or printed communications used for presentation to the applicant; and (3) submit to the replacing insurer with the application a copy of the fully completed and signed replacement notice provided under this subdivision. Subd. 3. Materials used to dissuade replacement. Each agent or broker who uses written or printed communications in a conservation shall leave with the applicant the original or a copy of the communications. History:   1996 c 446 art 1 s 15
MN Stat § 61A.56 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.56 — Duties Of All Insurers.

61A.56 DUTIES OF ALL INSURERS. Each insurer shall: (1) inform its field representatives or other personnel responsible for compliance with sections 61A.53 to 61A.60 of the requirements of those sections; and (2) require with or as a part of each completed application for life insurance or annuity a statement signed by the applicant as to whether the proposed insurance or annuity will replace existing life insurance or annuity. History:   1996 c 446 art 1 s 16
MN Stat § 61A.57 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.57 — Duties Of Insurers That Use Agents Or Brokers.

61A.57 DUTIES OF INSURERS THAT USE AGENTS OR BROKERS. Each insurer that uses an agent or broker in a life insurance or annuity sale shall: (a) Require with or as part of each completed application for life insurance or annuity, a statement signed by the agent or broker as to whether the agent or broker knows replacement is or may be involved in the transaction. (b) Where a replacement is involved: (1) require from the agent or broker with the application for life insurance or annuity, a copy of the fully completed and signed replacement notice provided the applicant under section 61A.55. The existing life insurance or annuity must be identified by name of insurer, insured, and contract number. If a number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, must be listed; and (2) send to each existing insurer a written communication advising of the replacement or proposed replacement and the identification information obtained under this section. This written communication must be made within five working days of the date that the application is received in the replacing insurer's home or regional office, or the date the proposed policy or contract is issued, whichever is sooner. (c) The replacing insurer shall maintain evidence of the "notice regarding replacement" and a replacement register, cross-indexed, by replacing agent and existing insurer to be replaced. Evidence that all requirements were met shall be maintained for at least six years. (d) The replacing insurer shall provide in its policy or contract, or in a separate written notice that is delivered with the policy or contract, that the applicant has a right to an unconditional refund of all premiums paid, which right may be exercised within a period of 30 days beginning from the date of delivery of the policy. History:  1996 c 446 art 1 s 17; 2008 c 344 s 8
MN Stat § 61A.58 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.58 — Duties Of Insurers With Respect To Direct Response Sales.

61A.58 DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES. (a) If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant with the policy or contract a replacement notice as described in section 61A.60, subdivision 2, or other substantially similar form approved by the commissioner. (b) If the insurer proposed the replacement, it shall: (1) provide to applicants or prospective applicants with or as a part of the application a replacement notice as described in section 61A.60, subdivision 2, or other substantially similar form approved by the commissioner; (2) request from the applicant with or as part of the application, a list of all existing life insurance policies or annuity contracts to be replaced and properly identified by name of insurer and insured; and (3) comply with the requirements of section 61A.57, paragraph (b), clause (2), if the applicant furnishes the names of the existing insurers, and the requirements of section 61A.57, paragraphs (c) and (d), except that it need not index the replacement register by replacing agent. History:   1996 c 446 art 1 s 18
MN Stat § 61A.59 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.59 — Enforcement; Effect Of Compliance.

61A.59 ENFORCEMENT; EFFECT OF COMPLIANCE. (a) An agent, broker, or insurer shall not recommend the replacement or conservation of an existing policy or contract by use of a substantially inaccurate presentation or comparison of an existing policy's or contract's premiums and benefits or dividends and values, if any. An insurer, agent, representative, officer, or employee of the insurer failing to comply with the requirements of sections 61A.53 to 61A.60 is subject to such penalties as may be appropriate under this chapter. (b) Patterns of action by policyholders or contract holders who purchase replacing policies or contracts from the same agent or broker, after indicating on applications that replacement is not involved, are prima facie evidence of the agent's or broker's knowledge that replacement was intended in connection with the sale of those policies, and the patterns of action are prima facie evidence of the agent's or broker's intent to violate sections 61A.53 to 61A.60. (c) Sections 61A.53 to 61A.60 do not prohibit the use of additional material other than that which is required that does not violate those sections or any other statute or rule. (d) Compliance by an insurer, agent, or broker with sections 61A.53 to 61A.60 does not limit any cause of action or other remedies that the insured may otherwise have against an insurer, agent, or broker. In a proceeding in which the insured's knowledge or understanding is an issue, compliance with those sections may be admitted as evidence on that issue, but shall not be conclusive. History:   1996 c 446 art 1 s 19
MN Stat § 61A.70 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.70 — Applicability And Scope.

61A.70 APPLICABILITY AND SCOPE. Sections 61A.70 to 61A.745 apply to all group and individual life insurance policies and certificates except: (1) variable life insurance; (2) individual and group annuity contracts; (3) credit life insurance; or (4) life insurance policies with no illustrated death benefits on any individual exceeding $10,000. History:   2007 c 104 s 6
MN Stat § 61A.71 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.71 — Policies To Be Illustrated.

61A.71 POLICIES TO BE ILLUSTRATED. (a) Each insurer marketing policies to which sections 61A.70 to 61A.745 are applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 2008, the insurer shall identify in writing those forms and whether or not an illustration will be used with them. For policy forms filed after January 1, 2008, the identification must be made at the time of filing. Any previous identification may be changed by notice to the commissioner. (b) If the insurer identifies a policy form as one to be marketed without an illustration, any use of an illustration for any policy using that form prior to the first policy anniversary is prohibited. (c) If a policy form is identified by the insurer as one to be marketed with an illustration, a basic illustration prepared and delivered in accordance with sections 61A.70 to 61A.745 is required, except that a basic illustration need not be provided to individual members of a group or to individuals insured under multiple lives coverage issued to a single applicant unless the coverage is marketed to these individuals. The illustration furnished an applicant for a group life insurance policy or policies issued to a single applicant on multiple lives may be either an individual or composite illustration representative of the coverage on the lives of members of the group or the multiple lives covered. (d) Potential enrollees of nonterm group life subject to sections 61A.70 to 61A.745 shall be furnished a quotation with the enrollment materials. The quotation must show potential policy values for sample ages and policy years on a guaranteed and nonguaranteed basis appropriate to the group and the coverage. This quotation must not be considered an illustration for purposes of sections 61A.70 to 61A.745, but all information provided shall be consistent with the illustrated scale. A basic illustration must be provided at delivery of the certificate to enrollees for nonterm group life who enroll for more than the minimum premium necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration available to any nonterm group life enrollee who requests it. History:   2007 c 104 s 8
MN Stat § 61A.715 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.715 — General Rules And Prohibitions.

61A.715 GENERAL RULES AND PROHIBITIONS. (a) An illustration used in the sale of a life insurance policy must satisfy the applicable requirements of sections 61A.70 to 61A.745, be clearly labeled "life insurance illustration," and contain the following basic information: (1) name of insurer; (2) name and business address of producer or insurer's authorized representative, if any; (3) name, age, and sex of proposed insured, except where a composite illustration is permitted under sections 61A.70 to 61A.745; (4) underwriting or rating classification upon which the illustration is based; (5) generic name of policy, the company product name, if different, and form number; (6) initial death benefit; and (7) dividend option election or application of nonguaranteed elements, if applicable. (b) When using an illustration in the sale of a life insurance policy, an insurer or its producers or other authorized representatives shall not: (1) represent the policy as anything other than a life insurance policy; (2) use or describe nonguaranteed elements in a manner that is misleading or has the capacity or tendency to mislead; (3) state or imply that the payment or amount of nonguaranteed elements is guaranteed; (4) use an illustration that does not comply with the requirements of sections 61A.70 to 61A.745; (5) use an illustration that at any policy duration depicts policy performance more favorable to the policy owner than that produced by the illustrated scale of the insurer whose policy is being illustrated; (6) provide an applicant with an incomplete illustration; (7) represent in any way that premium payments will not be required for each year of the policy in order to maintain the illustrated death benefits, unless that is the fact; (8) use the term "vanish" or "vanishing premium," or a similar term that implies the policy becomes paid up, to describe a plan for using nonguaranteed elements to pay a portion of future premiums; (9) except for policies that can never develop nonforfeiture values, use an illustration that is "lapse-supported"; or (10) use an illustration that is not "self-supporting." (c) If an interest rate used to determine the illustrated nonguaranteed elements is shown, it must not be greater than the earned interest rate underlying the disciplined current scale. History:   2007 c 104 s 9
MN Stat § 61A.725 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.725 — Standards For Supplemental Illustrations.

61A.725 STANDARDS FOR SUPPLEMENTAL ILLUSTRATIONS. (a) A supplemental illustration may be provided so long as: (1) it is appended to, accompanied by, or preceded by a basic illustration that complies with sections 61A.70 to 61A.745; (2) the nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration; (3) it contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed; and (4) for a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration must be equal to the premium outlay shown in the basic illustration. (b) The supplemental illustration must include a notice referring to the basic illustration for guaranteed elements and other important information. History:   2007 c 104 s 11
MN Stat § 61A.73 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.73 — Delivery Of Illustration And Record Retention.

61A.73 DELIVERY OF ILLUSTRATION AND RECORD RETENTION. (a)(1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with sections 61A.70 to 61A.745, must be submitted to the insurer at the time of policy application. A copy also must be provided to the applicant. (2) If the policy is issued other than as applied for, a revised basic illustration conforming to the policy as issued must be sent with the policy. The revised illustration must conform to the requirements of sections 61A.70 to 61A.745, must be labeled "Revised Illustration," and must be signed and dated by the applicant or policy owner and producer or other authorized representative of the insurer no later than the time the policy is delivered. A copy must be provided to the insurer and the policy owner. (b)(1) If no illustration is used by an insurance producer or other authorized representative in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the producer or representative shall certify to that effect in writing on a form provided by the insurer. On the same form the applicant shall acknowledge that no illustration conforming to the policy applied for was provided and shall further acknowledge an understanding that an illustration conforming to the policy as issued will be provided no later than at the time of policy delivery. This form shall be submitted to the insurer at the time of policy application. (2) If the policy is issued, a basic illustration conforming to the policy as issued must be sent with the policy and signed no later than the time the policy is delivered. A copy must be provided to the insurer and the policy owner. (c) If the basic illustration or revised illustration is sent to the applicant or policy owner by mail from the insurer, it must include instructions for the applicant or policy owner to sign the duplicate copy of the numeric summary page of the illustration for the policy issued and return the signed copy to the insurer. The insurer's obligation under this paragraph must be satisfied if it can demonstrate that it has made a diligent effort to secure a signed copy of the numeric summary page. The requirement to make a diligent effort must be deemed satisfied if the insurer includes in the mailing a self-addressed postage prepaid envelope with instructions for the return of the signed numeric summary page. (d) A copy of the basic illustration and a revised basic illustration, if any, signed as applicable, along with any certification that either no illustration was used or that the policy was applied for other than as illustrated, must be retained by the insurer until three years after the policy is no longer in force. A copy need not be retained if no policy is issued. History:   2007 c 104 s 12
MN Stat § 61A.745 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.745 — Penalties.

61A.745 PENALTIES. In addition to any other penalties provided by the laws of this state, an insurer or producer that violates a requirement of sections 61A.70 to 61A.745 is guilty of a violation of section 72A.20. History:   2007 c 104 s 15
MN Stat § 61B.18 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61B — Life And Health Guaranty Association|Section 61B.18 — Citation.

61B.18 CITATION. Sections 61B.18 to 61B.32 may be cited as the "Minnesota Life and Health Insurance Guaranty Association Act." History:   1993 c 319 s 3