Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
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.
History: 1Sp1985 c 10 s 56
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.
History: 1Sp1985 c 10 s 56
Official Publication of the State of Minnesota
Revisor of Statutes