Applicability of chapter

This chapter applies to all individual and group health policies which are solicited or sold in this state that are subject to chapters 58-15 , 58-16 , 58-17 , 58-18 , 58-18B , 58-37A , 58-38 , 58-39 , 58-40 , and 58-41 . However, this chapter does not apply to insurance policies and subscriber contracts subject to the medicare supplement requirements. Except for the exemptions specified in this section, this chapter applies to any solicitation, negotiation, or effectuation of life insurance occurring within this state. This chapter applies to any issuer of life insurance contracts including fraternal benefit societies. This chapter does not apply to:

(1) Group annuities;

(2) Credit life insurance;

(3) Group life insurance (except for disclosures relating to preneed funeral contracts or prearrangements as provided by this chapter. These disclosure requirements extend to the issuance or delivery of certificates as well as to the master policy);

(4) Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. Section 1001 et seq. as amended to January 1, 1999; or

(5) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account.

Source: SL 1999, ch 240, § 1; SL 2000, ch 251, § 2; SL 2012, ch 250, § 19.