Section 61A.54 - EXEMPTIONSUnless otherwise specifically included, sections 61A.53 to 61A.60 do not apply to transactions involving:
(1) credit life insurance;(2) group life insurance or group annuities;(3) an application to the existing insurer that issued the existing life insurance or annuity, where a contractual change or a conversion privilege is being exercised;(4) proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company; or(5) transactions 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 section 61A.55, subdivision 1.