Section 72A.325 — Insurance For Funeral Or Burial Expense; Freedom Of Choice.
72A.325 INSURANCE FOR FUNERAL OR BURIAL EXPENSE; FREEDOM OF CHOICE. No insurance company, agent, or other person engaged in the business of providing insurance or other benefits for the payment of any funeral or burial expense, shall designate, endorse, or otherwise promote any particular mortician, funeral director, funeral establishment, cemetery, or any other party offering […]
Section 72A.328 — Affinity Group.
72A.328 AFFINITY GROUP. Subdivision 1. Definitions. (a) For purposes of this section the following terms have the meanings given. (b) “Affinity program” means an organization or group formed around a common interest or specified purpose, or a group of individuals who are members of an entity that offers individuals benefits based on their membership in […]
Section 72A.2035 — Record Keeping.
72A.2035 RECORD KEEPING. Subdivision 1. Duration. Insurers and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance transactions for […]
Section 72A.2036 — Relationship To Other Laws; Enforcement.
72A.2036 RELATIONSHIP TO OTHER LAWS; ENFORCEMENT. (a) Nothing in sections 72A.203 to 72A.2036 limits the commissioner’s authority to make any investigation or take any action under chapter 45 or other applicable law with respect to any insurer, insurance producer, broker-dealer, third-party contractor, or other entity engaged in any activity involving the sale of an annuity […]
Section 72A.204 — Prohibited Uses Of Senior-specific Certifications And Professional Designations.
72A.204 PROHIBITED USES OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS. Subdivision 1. Purpose and scope. The purpose of this section is to set forth standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations in: (1) the solicitation, sale, or purchase of a life insurance […]
Section 72A.207 — Graded Death Benefits.
72A.207 GRADED DEATH BENEFITS. For the purpose of this section, a graded death benefit is a provision within a life insurance policy in which the death benefit, in the early years of the policy, is less than the face amount of the policy, but which increases with the passage of time. No policy of life […]
Section 72A.201 — Regulation Of Claims Practices.
72A.201 REGULATION OF CLAIMS PRACTICES. Subdivision 1. Administrative enforcement. The commissioner may, in accordance with chapter 14, adopt rules to ensure the prompt, fair, and honest processing of claims and complaints. The commissioner may, in accordance with sections 72A.22 to 72A.25, seek and impose appropriate administrative remedies, including fines, for (1) a violation of this […]
Section 72A.203 — Exemptions.
72A.203 EXEMPTIONS. Unless otherwise specifically included, sections 72A.203 to 72A.2036 do not apply to annuity transactions involving: (1) direct response marketing of group insurance as provided for in section 72A.20, subdivision 34; (2) contracts used to fund group plans under: (i) an employee pension or welfare benefit plan that is covered by the Employee Retirement […]
Section 72A.2031 — Definitions.
72A.2031 DEFINITIONS. Subdivision 1. Definitions. For purposes of sections 72A.203 to 72A.2036, the terms defined in this section have the meanings given them. Subd. 2. Annuity. “Annuity” means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. Subd. 3. […]
Section 72A.2032 — Duties Of Insurers And Insurance Producers.
72A.2032 DUTIES OF INSURERS AND INSURANCE PRODUCERS. Subdivision 1. MS 2020 [Repealed, 2022 c 84 s 24] [See Note.] Subd. 1a. Best interest obligations. An insurance producer, when recommending an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made. An insurance producer shall […]