A notice to a current insurer of a replacement of a current life insurance policy is not required in a transaction involving: (1) An application to the current insurer that issued the current policy or contract when a contractual change or conversion privilege is being exercised; (2) A current policy or contract that is being replaced by the same insurer pursuant to a program filed with and approved by the office; or (3) A term conversion privilege that is being exercised among corporate affiliates.
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