Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 34.00 - The Replacement Of Life Insurance And Annuities
Section 34.03 - Exemptions
Universal Citation: 211 MA Code of Regs 211.34
Current through Register 1531, September 27, 2024
(1) Unless otherwise specifically included, 211 CMR 34.01, 34.03 through 34.08 inclusive, shall not apply to transactions involving:
(a)
credit life insurance;
(b) group
life insurance or group annuities;
(c) proposed life insurance that is to
replace life insurance under a binding or conditional receipt issued by the
same company;
(d) internal
replacements where the replacing insurer and the existing insurer are the same,
or are subsidiaries or affiliates under common ownership or control; provided,
however, that agents or brokers proposing replacement shall comply with the
requirements of agents who initiate the application;
(e) insurance paid for wholly or partly by
the insured's employer or by an association of which the insured is a member,
or insurance in a qualified pension, profit sharing or other benefit
plan;
(f) life insurance policies
issued in connection with a pension, profit sharing or other benefit plan
qualifying for tax deductibility of premiums.
(2) Registered contracts shall be exempt from the provisions requiring policy summary information; provided however, that premium or contract contribution amounts and identification of the appropriate prospectus or offering circular shall be required in lieu thereof.
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