Chapter 61A — Life Insurance Company Defined

61A.01 Life Insurance Company Defined This section defines what a life insurance company is under Minnesota law. Any company that makes payments based on … 61A.011 Interest on Unpaid Benefits When a life insurance company pays a death benefit or other policy payment, it must also pay interest from the date of … 61A.012 Annual Notice Required Life insurance companies must send an annual notice to each policyholder. The notice must include information about the … 61A.02 Forms of Policy This section lists the required provisions that must be included in every life insurance policy sold in Minnesota. These … 61A.021 Sale of Life Insurance and Annuity as Single Policy Prohibited Life insurance policies must include a free-look period of at least 10 days. During this time, the policyholder can … 61A.03 Required Provisions; Life Insurance Policies This section sets rules for how life insurance premiums must be calculated and what reserves the company must hold. … 61A.031 Suicide Provisions Life insurance companies can offer policies with flexible premiums or adjustable benefits if they meet certain … 61A.04 Spendthrift Provisions Life insurance policies must have a grace period of at least 31 days for premium payments. During the grace period, the … 61A.05 Life Policies to Contain Entire Contract After a life insurance policy has been in force for two years, the company cannot contest or deny a claim based on … 61A.06 Aviation and War Risk Exclusion Permitted If the age of the insured person is stated incorrectly on the life insurance application, the benefits are adjusted to … 61A.07 Prohibited Provisions Life insurance companies must provide policyholders with a copy of the application when they deliver the policy. The … 61A.071 Applications Life insurance policies can include riders that add extra coverage or benefits. Riders must be clearly labeled and … 61A.072 Accelerated Benefits This section regulates variable life insurance policies, which are policies where the death benefit or cash value can … 61A.073 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.074 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.08 Exceptions A life insurance policy is not enforceable unless the first premium is paid during the lifetime of the insured person. … 61A.09 Group Life Insurance This section sets rules for standard policy provisions in life insurance contracts. It covers items like beneficiary … 61A.091 Employee Group Life Insurance Plans Life insurance companies must provide a buyer's guide to anyone considering the purchase of a life insurance policy. The … 61A.092 Continuation of Coverage for Life Insurance This section requires life insurance companies to provide specific cost disclosure information to prospective buyers. … 61A.093 Certificate of Insurance Life insurance companies must meet certain standards when replacing an existing life insurance policy with a new one. … 61A.10 Extension of Time for Payment of Premiums When a life insurance company becomes insolvent or is placed in receivership, policyholders have certain protections. … 61A.11 Misstatement, When Not to Invalidate Policy Life insurance companies must file their policy forms with the Minnesota commissioner of commerce before using them. The … 61A.12 Beneficiaries Life insurance companies must maintain adequate reserves to pay future claims. The reserves must be calculated using … 61A.13 Definitions Life insurance companies must provide annual financial statements to the commissioner of commerce. These statements show … 61A.14 Companies Entitled to Issue Contracts; Accounts; Investments This section sets rules for how life insurance companies can invest their assets. Companies must follow conservative … 61A.15 Contract Provisions Life insurance companies must pay dividends to participating policyholders fairly. Dividends must be distributed based … 61A.16 Contract Provisions Life insurance companies can make policy loans to policyholders using the cash value of the policy as security. The … 61A.17 Filing of Contracts When a life insurance policyholder surrenders a policy, the company must pay the cash surrender value. The minimum cash … 61A.18 Disapproval of Contracts Life insurance companies must honor the nonforfeiture provisions in their policies. If a policyholder stops paying … 61A.19 Company Requirements Life insurance policies must clearly state the options available to the policyholder if the policy lapses or is … 61A.20 Rules Life insurance companies must reinstate a lapsed policy if the policyholder applies within a certain time and meets the … 61A.21 Application of Other Laws Life insurance policies must include a provision for payment of the death benefit. The company must pay the beneficiary … 61A.22 Contracts to Specify Benefits and Consideration Life insurance beneficiaries can choose how to receive the death benefit. Options may include a lump sum, installment … 61A.23 Provisions in Policies; Laws of Other States Group life insurance policies must meet certain requirements under Minnesota law. The policy must cover a group of … 61A.24 Standard Nonforfeiture Law for Life Insurance This section sets detailed requirements for standard nonforfeiture values in life insurance policies. It establishes the … 61A.245 Standard Nonforfeiture Law for Individual Deferred Annuities This section establishes the standard for computing minimum nonforfeiture amounts for universal life insurance and … 61A.25 Standard Valuation Law This section contains the Standard Valuation Law, which sets the methods insurance companies must use to value their … 61A.255 Smoker and Nonsmoker Mortality Tables Life insurance companies must comply with asset adequacy analysis requirements. The company's appointed actuary must … 61A.257 Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities This section establishes requirements for principle-based reserving for life insurance products. It allows companies to … 61A.258 Preneed Insurance Products; Minimum Mortality Standards for Reserves and Nonforfeiture Values Life insurance companies must calculate and maintain reserves for guaranteed benefits under variable annuity and similar … 61A.26 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.27 Contingency Reserve; Limitations Life insurance companies must file an annual actuarial opinion with the commissioner of commerce. The opinion certifies … 61A.275 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.276 Funding Agreements This section governs the valuation of life insurance policies involving risks in more than one state. It establishes … 61A.28 Domestic Companies, Investments This section sets out the Standard Nonforfeiture Law for individual deferred annuities. It establishes the minimum … 61A.281 Investments; Subsidiaries Life insurance companies that offer annuities must follow specific disclosure requirements. Buyers must receive clear … 61A.282 Investments in Name of Company or Nominee and Prohibitions This section regulates the sale of annuities to senior citizens. It requires additional protections for buyers age 65 … 61A.283 Admitted Assets Insurance companies must report certain annuity transactions to the commissioner of commerce. This helps the state … 61A.284 Investments; Capital Stock of Other Insurance Companies This section establishes rules for annuity illustrations, which are projections of how an annuity might perform over … 61A.29 Foreign Investments Life insurance policies issued in Minnesota must meet certain readability standards. Policies must be written in clear, … 61A.30 Joint Investments Life insurance companies must maintain records of all policies issued in Minnesota. Records must be available for … 61A.31 Real Estate Holdings This section regulates credit life insurance, which pays off a borrower's debt if the borrower dies. It sets maximum … 61A.315 Investments and Holdings; Limitations Credit life insurance policies must meet specific requirements including a minimum benefit equal to the outstanding loan … 61A.32 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.321 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.33 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.34 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.35 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.36 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.37 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.38 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.39 Cooperative Life and Casualty Companies Life insurance companies must get approval from the commissioner of commerce before changing their premium rates or … 61A.40 Qualifications for License; Number of Members The commissioner of commerce can examine life insurance companies to check their financial condition, business … 61A.41 Reserve Fund; Reciprocal Provisions Life insurance agents must be licensed by the state of Minnesota. Agents must pass an examination and meet continuing … 61A.42 Payments; Liens; Assessments; Policies to Be Labeled Life insurance companies and agents must follow fair marketing practices. Misleading advertising, false statements, and … 61A.43 Accumulations; Amendment to Articles or Bylaws Life insurance companies must promptly investigate and pay valid claims. Unfair claim settlement practices are … 61A.44 Limitation on Expenses; Life Insurance Life insurance companies that violate Minnesota insurance laws can be fined or have their license suspended or revoked. … 61A.45 Limitation on Expenses; Companies With Reserve Deposits Policyholders and beneficiaries have the right to bring a lawsuit against a life insurance company that fails to pay a … 61A.46 Net Rates; Reserve Fund; Limitation of Expenses Life insurance proceeds paid to a named beneficiary are generally protected from the claims of the insured person's … 61A.47 Reinsurance or Consolidation This section sets rules for group life insurance, including requirements for the master policy, certificates of … 61A.48 Change to Legal Reserve or Level Premium Companies Life insurance companies must offer accelerated benefit options that allow terminally ill policyholders to receive part … 61A.49 This section has been repealed and is no longer in effect. It was part of Chapter 61A, which covers life insurance … 61A.50 Application Life insurance companies must comply with privacy requirements when handling policyholder information. Personal … 61A.51 Insolvency This section addresses the rights of spouses in life insurance policies. A spouse may have certain rights to a life … 61A.52 Reserve Required Life insurance companies must follow specific rules when handling unclaimed death benefits. Companies must make … 61A.53 Definitions This section regulates the sale and issuance of industrial life insurance, which is life insurance sold in small amounts … 61A.54 Exemptions Life insurance companies must follow specific rules for advertising. All advertising must be truthful and not … 61A.55 Duties of Agents and Brokers This section establishes requirements for life insurance policy illustrations. Illustrations must clearly distinguish … 61A.56 Duties of All Insurers Life insurance companies offering universal life or variable life policies must provide annual reports to policyholders … 61A.57 Duties of Insurers That Use Agents or Brokers This section establishes standards for life insurance policy replacements. When a new policy replaces an existing one, … 61A.58 Duties of Insurers With Respect to Direct Response Sales Life insurance companies must maintain a complaint handling system. Companies must respond to consumer complaints … 61A.59 Enforcement; Effect of Compliance This section gives the commissioner of commerce authority to adopt rules to implement and enforce the life insurance … 61A.60 Required Replacement Notice and Form This section regulates viatical settlements, which are transactions where a terminally ill person sells their life … 61A.70 Applicability and Scope This section defines terms used in the life insurance policy illustrations provisions of Chapter 61A. It establishes the … 61A.705 Definitions This section sets standards for how life insurance policy illustrations must be prepared. Illustrations must be based on … 61A.71 Policies to Be Illustrated Life insurance agents must explain illustrations to consumers before a sale is completed. The consumer must sign an … 61A.715 General Rules and Prohibitions This section regulates supplemental illustrations, which are additional projections an agent may show alongside the … 61A.72 Standards for Basic Illustrations Life insurance companies must appoint an illustration actuary who certifies that the company's illustrations comply with … 61A.725 Standards for Supplemental Illustrations Life insurance companies must file their illustration formats with the commissioner of commerce. The commissioner can … 61A.73 Delivery of Illustration and Record Retention Annual reports sent to existing life insurance policyholders must meet the same accuracy standards as sales … 61A.735 Annual Report; Notice to Policy Owners This section establishes penalties for violations of the illustration requirements. Companies and agents that use … 61A.74 Annual Certifications This section provides the commissioner of commerce with authority to enforce the illustration requirements through … 61A.745 Penalties The illustration requirements in this chapter do not apply to certain types of policies, including group insurance, … 66A.34 Dividends This section establishes rules for insurance company holding systems in Minnesota. It requires registration and … 66A.35 Guaranty Funds Transactions between affiliated insurance companies must be reported to the commissioner of commerce. Large transactions … 66A.36 Stock and Mutual Life Insurance Companies Insurance holding companies must file annual registration statements with the commissioner of commerce. These statements … 66A.37 Application The commissioner of commerce can examine insurance holding companies and their affiliates. The examination can cover … 66A.38 Voting Rights The commissioner of commerce can take action against insurance holding companies that violate Minnesota law. Remedies … 66A.39 Conversion of Existing Companies; Amendment of Certificates of Incorporation Anyone who wants to acquire control of a Minnesota insurance company must first get approval from the commissioner of … 66A.42 Domestic Insurance Corporations May Become Mutual Corporations Insurance companies must report their risk-based capital to the commissioner of commerce. Risk-based capital measures … 66A.43 May Acquire Capital Stock The commissioner of commerce can take corrective action when an insurance company's risk-based capital falls below …