211 CMR 34.03 - Exemptions

Current through Register 1466, April 1, 2022

(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.

Notes

211 CMR 34.03

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