Minnesota Statutes
Chapter 61A — Life Insurance
Section 61A.53 — Definitions.

Subdivision 1. Applicability. For purposes of sections 61A.53 to 61A.60, the terms defined in this section have the meanings given.
Subd. 2. Replacement. "Replacement" means any transaction in which new life insurance or a new annuity is to be purchased, and it is known or should be known to the proposing agent or broker or to the proposing insurer if there is no agent, that by reason of the transaction, existing life insurance or annuity has been or is to be:
(1) lapsed, forfeited, surrendered, or otherwise terminated;
(2) converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other policy values;
(3) amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid;
(4) reissued with any reduction in cash value; or
(5) pledged as collateral or subjected to borrowing, whether in a single loan or under a schedule of borrowing over a period of time for amounts in the aggregate exceeding 25 percent of the loan value set forth in the policy.
Subd. 3. Conservation. "Conservation" means any attempt by the existing insurer or its agent or broker to dissuade a policy owner or contract holder from the replacement of existing life insurance or annuity. Conservation does not include routine administrative procedures such as late payment reminders, late payment offers, or reinstatement offers.
Subd. 4. Direct-response sale. "Direct-response sale" means any sale of life insurance or annuity where the insurer does not use an agent in the sale or delivery of the policy or contract.
Subd. 5. Existing insurer. "Existing insurer" means the insurance company whose policy or contract is or will be changed or terminated in such a manner as described within the definition of "replacement."
Subd. 6. Existing life insurance or annuity. "Existing life insurance or annuity" means any life insurance or annuity in force, including life insurance under a binding or conditional receipt or a life insurance policy or annuity contract that is within an unconditional refund period.
Subd. 7. Replacing insurer. "Replacing insurer" means the insurance company that issues or proposes to issue a new policy or contract which is a replacement of existing life insurance or annuity.
1996 c 446 art 1 s 13

Structure Minnesota Statutes

Minnesota Statutes

Chapters 59A - 79A — Insurance

Chapter 61A — Life Insurance

Section 61A.01 — Life Insurance Company Defined.

Section 61A.011 — Interest On Unpaid Benefits.

Section 61A.02 — Forms Of Policy.

Section 61A.021 — Sale Of Life Insurance And Annuity As Single Policy Prohibited.

Section 61A.03 — Required Provisions; Life Insurance Policies.

Section 61A.031 — Suicide Provisions.

Section 61A.04 — Spendthrift Provisions.

Section 61A.05 — Life Policies To Contain Entire Contract.

Section 61A.06 — Aviation And War Risk Exclusion Permitted.

Section 61A.07 — Prohibited Provisions.

Section 61A.071 — Applications.

Section 61A.072 — Accelerated Benefits.

Section 61A.08 — Exceptions.

Section 61A.09 — Group Life Insurance.

Section 61A.091 — Employee Group Life Insurance Plans.

Section 61A.092 — Continuation Of Coverage For Life Insurance.

Section 61A.093 — Certificate Of Insurance.

Section 61A.10 — Extension Of Time For Payment Of Premiums.

Section 61A.11 — Misstatement, When Not To Invalidate Policy.

Section 61A.12 — Beneficiaries.

Section 61A.13 — Definitions.

Section 61A.14 — Companies Entitled To Issue Contracts; Accounts; Investments.

Section 61A.15 — Contract Provisions.

Section 61A.16 — Contract Provisions.

Section 61A.17 — Filing Of Contracts.

Section 61A.18 — Disapproval Of Contracts.

Section 61A.19 — Company Requirements.

Section 61A.20 — Rules.

Section 61A.21 — Application Of Other Laws.

Section 61A.22 — Contracts To Specify Benefits And Consideration.

Section 61A.23 — Provisions In Policies; Laws Of Other States.

Section 61A.24 — Standard Nonforfeiture Law For Life Insurance.

Section 61A.245 — Standard Nonforfeiture Law For Individual Deferred Annuities.

Section 61A.25 — Standard Valuation Law.

Section 61A.255 — Smoker And Nonsmoker Mortality Tables.

Section 61A.257 — Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities.

Section 61A.258 — Preneed Insurance Products; Minimum Mortality Standards For Reserves And Nonforfeiture Values.

Section 61A.27 — Contingency Reserve; Limitations.

Section 61A.276 — Funding Agreements.

Section 61A.28 — Domestic Companies, Investments.

Section 61A.281 — Investments; Subsidiaries.

Section 61A.282 — Investments In Name Of Company Or Nominee And Prohibitions.

Section 61A.283 — Admitted Assets.

Section 61A.284 — Investments; Capital Stock Of Other Insurance Companies.

Section 61A.29 — Foreign Investments.

Section 61A.30 — Joint Investments.

Section 61A.31 — Real Estate Holdings.

Section 61A.315 — Investments And Holdings; Limitations.

Section 61A.39 — Cooperative Life And Casualty Companies.

Section 61A.40 — Qualifications For License; Number Of Members.

Section 61A.41 — Reserve Fund; Reciprocal Provisions.

Section 61A.42 — Payments; Liens; Assessments; Policies To Be Labeled.

Section 61A.43 — Accumulations; Amendment To Articles Or Bylaws.

Section 61A.44 — Limitation On Expenses; Life Insurance.

Section 61A.45 — Limitation On Expenses; Companies With Reserve Deposits.

Section 61A.46 — Net Rates; Reserve Fund; Limitation Of Expenses.

Section 61A.47 — Reinsurance Or Consolidation.

Section 61A.48 — Change To Legal Reserve Or Level Premium Companies.

Section 61A.50 — Application.

Section 61A.51 — Insolvency.

Section 61A.52 — Reserve Required.

Section 61A.53 — Definitions.

Section 61A.54 — Exemptions.

Section 61A.55 — Duties Of Agents And Brokers.

Section 61A.56 — Duties Of All Insurers.

Section 61A.57 — Duties Of Insurers That Use Agents Or Brokers.

Section 61A.58 — Duties Of Insurers With Respect To Direct Response Sales.

Section 61A.59 — Enforcement; Effect Of Compliance.

Section 61A.60 — Required Replacement Notice And Form.

Section 61A.70 — Applicability And Scope.

Section 61A.705 — Definitions.

Section 61A.71 — Policies To Be Illustrated.

Section 61A.715 — General Rules And Prohibitions.

Section 61A.72 — Standards For Basic Illustrations.

Section 61A.725 — Standards For Supplemental Illustrations.

Section 61A.73 — Delivery Of Illustration And Record Retention.

Section 61A.735 — Annual Report; Notice To Policy Owners.

Section 61A.74 — Annual Certifications.

Section 61A.745 — Penalties.