Current through Register Vol. 49, No. 8, August 19, 2024
Section 72A.203 - EXEMPTIONSUnless otherwise specifically included, sections 72A.203 to 72A.2036 do not apply to annuity transactions involving:
(1) direct response marketing of group insurance as provided for in section 72A.20, subdivision 34;(2) contracts used to fund group plans under: (i) an employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act of 1974 (ERISA), United States Code, title 29, sections 1001 to 1461;(ii) a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;(iii) a government or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code of 1986, as amended; or(iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; and(3) contracts used to fund:(i) settlements of or assumptions of liabilities associated with personal injury litigation or a dispute or claim resolution process; or(ii) formal prepaid funeral contracts.Added by 2013 Minn. Laws, ch. 54,s 1, eff. 6/1/2013.