§ 58-60-5. Scope; exemptions. - North Carolina Statutes

§ 58‑60‑5.  Scope;exemptions.

(a)        Except as otherwiseprovided in this Part, this Part applies to any solicitation, negotiation orprocurement of life insurance occurring within this State. This Part applies toany issuer of a life insurance contract, including fraternal benefit societies.

(b)        Unless otherwisespecifically included, this Part does not apply to:

(1)        Individual and groupannuity contracts.

(2)        Credit lifeinsurance.

(3)        Group life insurance(except for disclosures relating to preneed funeral contracts orprearrangements; these disclosure requirements shall extend to the issuance ordelivery of certificates as well as to the master policy).

(4)        Life insurancepolicies issued in connection with pension and welfare plans as defined by andthat are subject to the federal Employee Retirement Income Security Act of 1974(ERISA).

(5)        Variable lifeinsurance under which the death benefits and cash values vary in accordancewith unit values of investments held in a separate account.

(c)        The policy summaryin this Part is not required for policies that are sold subject to rulesadopted by the Commissioner for life insurance illustrations. (1979, c. 447; 1998‑211,s. 14; 2005‑234, s. 1.4.)