Current through Register Vol. 54, No. 50, December 14, 2024
Section 81.3 - ExemptionsUnless otherwise specifically included, this chapter does not apply to transactions involving:
(1) Life insurance issued under section 3 of the act of May 11, 1949 (P. L. 1210, No. 367) (40 P. S. § 532.3), known as the Group Life Insurance Policy Law or the Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance (40 P. S. §§ 1007.1-1007.15).(2) Group life insurance or group annuities.(3) An application to the existing insurer that issued the existing life insurance and 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.(5) Transactions where the replacing insurer and the existing insurer are the same, or are subsidiaries or affiliates under common ownership or control. Agents or brokers and insurers engaged in direct response sales proposing replacement shall comply with §§ 81.4(a), (b)(3) and (c) and 81.7(b)(2) (relating to duties of agents and brokers; and duties of insurers with respect to direct response sales).(6) Registered contracts shall be exempt from the requirements of § 81.6(a)(2)(ii) and (b) (relating to duties of insurers that use agents or brokers) requiring provision of policy summary or ledger statement information. Premium or contract contribution amounts and identification of the appropriate prospectus or offering circular are required in lieu thereof.