(b) This chapter does not apply to:

1. (1) An individual life insurance policy issued on or after May 6, 2000, if the policy is issued in accordance with and as a result of the exercise of a reentry provision contained in the original life insurance policy of the same or greater face amount, issued before May 6, 2000, that guarantees the premium rates of the new policy. This chapter also does not apply to subsequent policies issued as a result of the exercise of the reentry provision, or a derivation of the provision, in the new policy.

2. (2) A universal life policy that meets all the following requirements:

   1. (i) Secondary guarantee period, if any, is 5 years or less.
   2. (ii) Specified premium for the secondary guarantee period is not less than the net level reserve premium for the secondary guarantee period based on the 1980 CSO valuation tables and the applicable maximum valuation interest rate.
   3. (iii) The initial surrender charge is not less than 100% of the first year annualized specified premium for the secondary guarantee period.
3. (3) A variable life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account.
4. (4) A variable universal life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account.
5. (5) A group life insurance certificate unless the certificate provides for a stated or implied schedule of maximum gross premiums required to continue coverage in force for a period in excess of 1 year.