A. The provisions of the Life Insurance and Annuity Policyholders Protection Act shall apply to life insurance and annuity policies which cover residents of this state and which are solicited and issued by insurance corporations, fraternal benefit societies, associations, or other institutions which issue life insurance or annuity policies. B. The provisions of the Life Insurance and Annuity Policyholders Protection Act shall not apply to: 1. credit life insurance policies; or 2. group life insurance policies or group annuity policies; or 3. contracts issued in connection with employee benefits or welfare plans as defined by the Federal Employee Retirement Income Security Act of 1974 (ERISA), Public Law 93-406, as amended; or 4. the exercise by an insured of an existing contractual right with the same insurer for the purchase of additional insurance under a guaranteed insurability provision or conversion option or any other contractual policy change privilege; or 5. short-term nonrenewable life insurance policies written to cover periods of thirty-one (31) days or less; or 6. an existing nonconvertible term life insurance policy which will expire in five (5) years or less and which cannot be renewed; or 7. a proposed life insurance policy that is to replace life insurance under a binding or conditional receipt issued by the same company issuing the policy which is to be replaced.
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