Minnesota § 61A.58 DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES

Minnesota Statutes

§ 61A.58 — DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES

Minnesota § 61A.58

PartINSURANCE

Ch. 61ALIFE INSURANCE

This text of Minnesota § 61A.58 (DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 61A.58 (2026).

Text

(a)If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant with the policy or contract a replacement notice as described in section61A.60, subdivision 2, or other substantially similar form approved by the commissioner.

(b)If the insurer proposed the replacement, it shall:

(1)provide to applicants or prospective applicants with or as a part of the application a replacement notice as described in section61A.60, subdivision 2, or other substantially similar form approved by the commissioner;

(2)request from the applicant with or as part of the application, a list of all existing life insurance policies or annuity contracts to be replaced and properly identified by name of insurer

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(a) If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant with the policy or contract a replacement notice as described in section61A.60, subdivision 2, or other substantially similar form approved by the commissioner.
(b) If the insurer proposed the replacement, it shall:
(1) provide to applicants or prospective applicants with or as a part of the application a replacement notice as described in section61A.60, subdivision 2, or other substantially similar form approved by the commissioner;
(2) request from the applicant with or as part of the application, a list of all existing life insurance policies or annuity contracts to be replaced and properly identified by name of insurer and insured; and
(3) comply with the requirements of section61A.57, paragraph (b), clause (2), if the applicant furnishes the names of the existing insurers, and the requirements of section61A.57, paragraphs (c) and (d), except that it need not index the replacement register by replacing agent.