Title Minnesota Statutes, Minnesota Statutes

60M.07 OTHER PROVISIONS. § Subdivision 1.Compliance with standards of conduct. A producer must comply with the Minnesota Court Administrator's Office's bail bond procedures and standards of conduct, including but not limited to while in or on the property of courts, jails, or oth…

61A.01 LIFE INSURANCE COMPANY DEFINED. Every corporation or association, domestic or foreign, operating upon any plan involving payment of money or other thing of value to policy or certificate holders, or members, or families, or representatives of either, conditioned upon the c…

61A.011 INTEREST ON UNPAID BENEFITS. § Subdivision 1.General requirement. Notwithstanding any other provision of law, when any insurer, including a fraternal benefit society, admitted to transact life insurance in this state pays the proceeds of or payments under any policy of li…

61A.012 ANNUAL NOTICE REQUIRED. § Subdivision 1.Annual notice required. For each policy of individual life insurance issued or delivered in Minnesota, a life insurance company must provide a written notice to the policyholder that contains the following information, as applicable…

61A.02 FORMS OF POLICY. § Subdivision 1.Prohibited. So-called coupon policies shall not be issued or delivered by any company to any residents of this state. § Subd. 2.Approval required. Except as otherwise authorized pursuant to subdivision 2a, no policy or certificate of life i…

61A.021 SALE OF LIFE INSURANCE AND ANNUITY AS SINGLE POLICY PROHIBITED. § Subdivision 1.Sale as single policy prohibited. The sale of a life insurance product and an annuity as a single policy, whether in the form of a life insurance policy with an annuity rider or otherwise, is …

61A.03 REQUIRED PROVISIONS; LIFE INSURANCE POLICIES. § Subdivision 1.Generally. No policy of life insurance may be issued in this state or by a life insurance company organized under the laws of this state unless it contains the following provisions: (a) Premium. A provision that…

61A.031 SUICIDE PROVISIONS. (a) The mental competency of a person shall not be a factor in determining whether a person completed suicide within the terms of an individual or group life insurance policy regulating the payment of benefits in the event of the insured's suicide. Thi…

61A.04 SPENDTHRIFT PROVISIONS. In addition to the provisions now required by law to be in the standard form of life insurance policies issued or delivered in this state, there shall be, when such policy provides for the payment to the beneficiary the proceeds thereof, in either m…

61A.05 LIFE POLICIES TO CONTAIN ENTIRE CONTRACT. Every policy of insurance issued or delivered within this state on or after the first day of January, 1908, by any life insurance corporation doing business within the state, shall contain the entire contract between the parties. E…

61A.06 AVIATION AND WAR RISK EXCLUSION PERMITTED. Policies of life insurance may be delivered or issued for delivery in this state which limit the amount to be paid in the event of death occurring as a result of travel or flight in, or descent from or with, any kind of aircraft i…

61A.07 PROHIBITED PROVISIONS. No policy of life insurance shall be issued or delivered in this state, or be issued by a life insurance company organized under the laws of this state, if it contains a provision: (1) for forfeiture of the policy for failure to repay any loan on the…

61A.071 APPLICATIONS. No individual life insurance policy shall be issued or delivered in this state to a person age 65 or older unless a signed and completed copy of the application for insurance is left with the applicant at the time application is made. This requirement will n…

61A.072 ACCELERATED BENEFITS. § Subdivision 1.Definitions. (a) "Accelerated benefits" covered under this section are benefits payable under the life insurance contract: (1) to a policyholder or certificate holder, during the lifetime of the insured, in the anticipation of death o…

61A.08 EXCEPTIONS. Sections 61A.02, 61A.03, 61A.07, 61A.23, and 61A.25 shall not, except as expressly provided in this chapter, apply to industrial or group term policies, or to corporations or associations operating on the assessment or fraternal plan, but every contract issued …

61A.09 GROUP LIFE INSURANCE. § Subdivision 1.Filing requirement. No group life insurance policy or group annuity shall be issued for delivery in this state until the form thereof and the form of any certificates issued thereunder have been filed in accordance with and subject to …

61A.091 EMPLOYEE GROUP LIFE INSURANCE PLANS. § Subdivision 1.Mandatory participation. No employer who makes available or otherwise sponsors a group life insurance plan that provides life insurance benefits to more than five employees of that employer, whether through insurance po…

61A.092 CONTINUATION OF COVERAGE FOR LIFE INSURANCE. § Subdivision 1.Continuation of coverage. Every group insurance policy issued or renewed within this state after August 1, 1987, providing coverage for life insurance benefits shall contain a provision that permits covered empl…

61A.093 CERTIFICATE OF INSURANCE. § Subdivision 1.Coverage. A certificate of insurance or similar evidence of coverage issued to a Minnesota resident shall provide coverage for all benefits required to be covered in group policies in Minnesota by this chapter. This subdivision su…

61A.10 EXTENSION OF TIME FOR PAYMENT OF PREMIUMS. Parties to any policy of life insurance now or hereafter issued shall have the right at any time to mutually agree, in writing, for an extension of time in which to pay a second or subsequent premium on the policy, upon condition …

61A.11 MISSTATEMENT, WHEN NOT TO INVALIDATE POLICY. In any claim upon a policy issued in this state without previous medical examination, or without the knowledge or consent of the insured, or, in case of a minor, without the consent of a parent, guardian, or other person having …

61A.12 BENEFICIARIES. § Subdivision 1.Proceeds of life policy or annuity, who entitled to. When any insurance is effected in favor of another, the beneficiary shall be entitled to its proceeds against the creditors and representatives of the person effecting the same. All premium…

61A.13 DEFINITIONS. § Subdivision 1.Contract on a variable basis. When used in sections 61A.13 to 61A.21, "contract on a variable basis" means any contract on either a group or an individual basis issued by a life insurance company providing for the dollar amount of benefits or o…

61A.14 COMPANIES ENTITLED TO ISSUE CONTRACTS; ACCOUNTS; INVESTMENTS. § Subdivision 1.Separate accounts. Any domestic life insurance company may, by or pursuant to resolution of its governing body, establish and operate one or more separate accounts and issue contracts on a variab…

61A.15 CONTRACT PROVISIONS. § Subdivision 1.Variable annuity. All annuity contracts on a variable basis issued in this state shall stipulate the expense, mortality, and investment-increment factors to be used in computing (1) in the case of individual contracts, the dollar amount…

61A.16 CONTRACT PROVISIONS. Any contract on a variable basis providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining …

61A.17 FILING OF CONTRACTS. No contract on a variable basis shall be issued in this state until a copy of the form thereof (and, in the case of a group contract, the form of any certificate evidencing variable benefits issued pursuant thereto) and any form of application for such…

61A.18 DISAPPROVAL OF CONTRACTS. The commissioner shall have the power at any time to disapprove any contract form, application, or certificate (1) if it does not comply with the provisions of sections 61A.13 to 61A.21; or (2) if it contains provisions which are unjust, unfair, i…

61A.19 COMPANY REQUIREMENTS. No company shall deliver or issue for delivery within this state contracts on a variable basis unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner is satisfied that its condition or method …

61A.20 RULES. Notwithstanding any other provision of law, the commissioner shall have sole and exclusive authority to regulate the issuance and sale of contracts on a variable basis and to provide for licensing of persons selling such contracts, and to issue such reasonable rules…

61A.21 APPLICATION OF OTHER LAWS. Sections 61A.07, clause (4), and 61A.245 shall not apply to contracts on a variable basis. All other appropriate provisions of this chapter shall apply to separate accounts and contracts on a variable basis except those which are inconsistent wit…

61A.22 CONTRACTS TO SPECIFY BENEFITS AND CONSIDERATION. No life insurance company shall make any insurance, guaranty, contract, or pledge in this state, or to or with any citizen or resident thereof, which does not distinctly specify the amount and manner of payment of benefits a…

61A.23 PROVISIONS IN POLICIES; LAWS OF OTHER STATES. The policies of a life insurance company, not organized under the laws of this state, may contain any provision which the laws of the state, territory, district, or country under which the company is organized, prescribe shall …

61A.24 STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE. § Subdivision 1.Citation. This section shall be known as the "Standard Nonforfeiture Law for Life Insurance." § Subd. 1a.Definition. "Operative date of the valuation manual" means January 1 of the first calendar year that the …

61A.245 STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES. § Subdivision 1.Title. This section shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities." § Subd. 2.Nonapplication. This section shall not apply to any reinsurance, group annuity…

61A.25 STANDARD VALUATION LAW. § Subdivision 1.Citation. This section shall be known as the "Standard Valuation Law." § Subd. 1a.Definitions. (a) For the purposes of this section, the terms defined in this subdivision have the meanings given them. (b) "Accident and health insuran…

61A.255 SMOKER AND NONSMOKER MORTALITY TABLES. For the purposes of sections 61A.24 and 61A.25, insurers may utilize the 1958 Commissioners Standard Ordinary and the 1958 Commissioners Extended Term smoker and nonsmoker mortality tables and the 1980 Commissioners Standard Ordinary…

61A.257 PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES. § Subdivision 1.Definitions. (a) For the purposes of this section only, the following terms have the meanings given them. (b) "2001 CSO Mortality Table" means that mortality table, consisting o…

61A.258 PRENEED INSURANCE PRODUCTS; MINIMUM MORTALITY STANDARDS FOR RESERVES AND NONFORFEITURE VALUES. § Subdivision 1.Definitions. For the purposes of this section, the following terms have the meanings given them: (1) "2001 CSO Mortality Table (2001 CSO)" means that mortality t…

61A.27 CONTINGENCY RESERVE; LIMITATIONS. Any life insurance company doing business in this state may accumulate and maintain, in addition to the capital and surplus contributed by its stockholders, and in addition to an amount equal to the net values of its policies, computed acc…

61A.276 FUNDING AGREEMENTS. § Subdivision 1.Authorization. An insurer authorized to deliver or issue for delivery annuity contracts in this state may deliver or issue for delivery one or more funding agreements. The issuance or delivery of these funding agreements shall not be de…

61A.28 DOMESTIC COMPANIES, INVESTMENTS. § Subdivision 1.Investment guidelines and procedures. Each domestic life insurance company must comply with section 60A.112. No investment or loan, except policy loans, shall be made by a domestic life insurance company unless authorized or…

61A.281 INVESTMENTS; SUBSIDIARIES. § Subdivision 1.Special purpose corporations. A domestic life insurance company may organize and hold, or acquire and hold, more than 50 percent of the capital stock of any corporation organized under the laws of the United States or any state t…

61A.282 INVESTMENTS IN NAME OF COMPANY OR NOMINEE AND PROHIBITIONS. § Subdivision 1.Requirements. A company's investments shall be held in its corporate name or its nominee name, except that: (a) Investments may be held in the name of a clearing corporation or of a custodian bank…

61A.283 ADMITTED ASSETS. For the purpose of applying any investment limitation based on the amount of a domestic life insurance company's admitted assets, the term "admitted assets" has the meaning given in section 60A.02, subdivision 27, with an adjustment in the admitted asset …

61A.284 INVESTMENTS; CAPITAL STOCK OF OTHER INSURANCE COMPANIES. § Subdivision 1.Purchase of insurance company. A domestic life insurance company may acquire and hold all or part of the capital stock of another insurance company whether or not in the same line of insurance for ca…