(a) An illustration used in the sale of a life insurance policy must satisfy the applicable requirements of sections 61A.70 to 61A.745, be clearly labeled "life insurance illustration," and contain the following basic information:
(1) name of insurer;
(2) name and business address of producer or insurer's authorized representative, if any;
(3) name, age, and sex of proposed insured, except where a composite illustration is permitted under sections 61A.70 to 61A.745;
(4) underwriting or rating classification upon which the illustration is based;
(5) generic name of policy, the company product name, if different, and form number;
(6) initial death benefit; and
(7) dividend option election or application of nonguaranteed elements, if applicable.
(b) When using an illustration in the sale of a life insurance policy, an insurer or its producers or other authorized representatives shall not:
(1) represent the policy as anything other than a life insurance policy;
(2) use or describe nonguaranteed elements in a manner that is misleading or has the capacity or tendency to mislead;
(3) state or imply that the payment or amount of nonguaranteed elements is guaranteed;
(4) use an illustration that does not comply with the requirements of sections 61A.70 to 61A.745;
(5) use an illustration that at any policy duration depicts policy performance more favorable to the policy owner than that produced by the illustrated scale of the insurer whose policy is being illustrated;
(6) provide an applicant with an incomplete illustration;
(7) represent in any way that premium payments will not be required for each year of the policy in order to maintain the illustrated death benefits, unless that is the fact;
(8) use the term "vanish" or "vanishing premium," or a similar term that implies the policy becomes paid up, to describe a plan for using nonguaranteed elements to pay a portion of future premiums;
(9) except for policies that can never develop nonforfeiture values, use an illustration that is "lapse-supported"; or
(10) use an illustration that is not "self-supporting."
(c) If an interest rate used to determine the illustrated nonguaranteed elements is shown, it must not be greater than the earned interest rate underlying the disciplined current scale.
2007 c 104 s 9
Structure Minnesota Statutes
Chapters 59A - 79A — 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.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.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.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.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.52 — Reserve Required.
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.