2005 Minnesota Statutes - 61A.021 — Sale of life insurance and annuity as single policy prohibited.

     61A.021 Sale of life insurance and annuity as single 
  policy prohibited. 


    Subdivision 1.    Sale as single policy prohibited.  The 
 sale of a life insurance product and an annuity as a single 
 policy, whether in the form of a life insurance policy with an 
 annuity rider or otherwise, is prohibited in this state.  This 
 subdivision does not prohibit the simultaneous sale of these 
 products, but the sale must involve two separate and distinct 
 policies. 


    Subd. 2.    Tying prohibited.  The tying of the sale of 
 a life insurance product and an annuity is expressly prohibited. 
 The sale of one policy cannot be conditioned upon the sale of a 
 second policy.  A violation of subdivision 1 is an unfair and 
 deceptive trade practice under chapter 72A. 


    Subd. 3.    Exemption.  The commissioner may exempt by 
 order such a product from this section if it is in the public 
 interest. 


    Subd. 4.    Implementation.  This section applies to all 
 sales where applications are completed on or after July 1, 1985. 


    HIST: 1Sp1985 c 10 s 56