(1) This act does not apply to any of the following:

    (a) An insurance policy offered by an insurer under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302.

    (b) An offer of a debt cancellation or debt suspension contract that complies with 12 CFR part 37, 12 CFR part 721, or other federal law.

    (2) Section 5(1)(d) does not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.