(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.
‹ Prev All Minnesota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.