Minn. Stat. § 61A.58
This is the official text of Minn. Stat. § 61A.58, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 61A.58 DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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