2025 Session
Last amended: 1985 session
§ 61A.20 — Rules
Plain-Language Summary
Life insurance companies must reinstate a lapsed policy if the policyholder applies within a certain time and meets the company's requirements. The policyholder must pay all past-due premiums with interest.
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 as may be appropriate to carry out the purposes and provisions of sections 61A.13 to 61A.21.
History:
1967 c 395 art 2 s 20; 1969 c 7 s 24; 1969 c 752 s 14; 1985 c 248 s 70
History: History: 1967 c 395 art 2 s 20; 1969 c 7 s 24; 1969 c 752 s 14; 1985 c 248 s 70
Practical Notes
If your policy lapsed because you missed payments, you may be able to get it back. Act quickly because there is a deadline, and you will need to pay the missed premiums plus interest.