§ 26.1-33-29 — Applicability of life policy simplification standards

1. Except as provided in subsection 3, sections 26.1-33-29 through 26.1-33-32 apply to
all individual and group life insurance policies, insurance certificates under group life
insurance policies, and death benefit certificates issued by fraternal benefit societies
filed after June 30, 1982. No policy may be delivered or issued for delivery in this state
after June 30, 1986, unless the policy form has been approved by the commissioner or
is permitted to be issued under sections 26.1-33-29 through 26.1-33-32. Any policy
form that has been approved or permitted to be issued prior to July 1, 1986, and that
meets the standards set by sections 26.1-33-29 through 26.1-33-32 need not be
refiled for approval, but may continue to be delivered or issued for delivery in this state
upon the filing with the commissioner of a list of the forms identified by form number
and accompanied by a certificate as to each form in the manner provided in
subsection 6 of section 26.1-33-30.
2. The commissioner may extend the dates in subsection 1.
3. Sections 26.1-33-29 through 26.1-33-32 do not apply to:
a. A policy that is a security subject to federal jurisdiction.
b. A group life insurance policy covering a group of one thousand or more lives at
date of issue. However, this does not except any certificate issued pursuant to a
group policy delivered or issued for delivery in this state.
c. A group annuity contract that serves as a funding vehicle for pension, profit
sharing, or deferred compensation plans.
d. A form used in connection with, as a conversion from, as an addition to, or in
exchange pursuant to a contractual provision for, a policy delivered or issued for
delivery on a form approved or permitted to be issued prior to the dates the form
must be approved under sections 26.1-33-29 through 26.1-33-32.
e. The renewal of a policy delivered or issued for delivery prior to the dates the form
must be approved under sections 26.1-33-29 through 26.1-33-32.
4. No other state law setting language simplification standards applies to a policy form.