reglab/housing_qa huggingface dataset:
IN Code § 27-1-12-22 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-22. Impairment of Assets or Capital; Notice of Time for Restoration; Suspension of Right to Issue New Policies

Sec. 22. If it appears to the department from an examination made by it or by an examiner appointed by it, that the assets of any domestic life insurance company are insufficient to justify its continuance in business or that its capital is impaired the department shall notify such company, setting a time, within the discretion of the commissioner, by which such impairment of assets or of its capital shall be restored and further notifying such company to issue no new policies until its assets have become equal to its liabilities, or its capital has been restored unimpaired.Formerly: Acts 1935, c.162, s.161.
IN Code § 27-1-12-24 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-24. Offering Stock or Certificates as Inducement for Purchase of Insurance or Annuity; Revocation of Authority

Sec. 24. No life insurance company doing business in this state shall issue in this state, nor permit its agents, officers, or employees to issue or deliver in this state, agency company stock or other capital stock, or benefit certificates or shares in any common-law corporation, or securities, or any special advisory board or other contracts of any kind promising returns and profits as an inducement to insurance or for the purchase of an annuity; and no life insurance company shall be authorized to do business in this state which issues or permits its agents, officers, or employees to issue in this state or in any other state or territory agency company stock or other capital stock, or benefit certificates or shares in any common-law corporation, or securities, or any special advisory board or other contracts of any kind promising returns and profits as an inducement to insurance or for the purchase of an annuity; and no corporation or stock company acting as agent of a life insurance company nor any of its agents, officers, or employees shall be permitted to sell, agree to offer or sell, or give or offer to give, directly or indirectly, in any manner whatsoever, any share of stock, securities, bonds, or agreement of any form or nature promising returns and profits as an inducement to insurance or for the purchase of an annuity; or in connection therewith. The department may, upon due proof after notice and hearing that any such company or agent thereof has violated any of the provisions of this section, revoke the authority of the company or agent so offending.Formerly: Acts 1935, c.162, s.163.
IN Code § 27-1-12-25 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-25. Misrepresentation of Policy Terms or Benefits; Inducing Policyholder to Lapse, Forfeit, or Surrender Insurance

Sec. 25. No life insurance company doing business in this state, and no officer, director or agent thereof shall make, issue or circulate, or cause to be issued or circulated, any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any policy issued or to be issued by it or the benefits or advantages promised thereby, or the dividends or share of the surplus to be received thereon, or shall use any name or title of any policy or class of policies misrepresenting the true nature thereof. Nor shall a person make any misrepresentation to any person insured in any company for the purpose of inducing or tending to induce a policyholder in any company to lapse, forfeit, or surrender his insurance.Formerly: Acts 1935, c.162, s.164. As amended by Acts 1978, P.L.2, SEC.2710.
IN Code § 27-1-12-26 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-26. Fraudulent Representations; Offense

Sec. 26. A person who knowingly makes any false or fraudulent statement or representation in or with reference to any application for life insurance, or for the purpose of obtaining any fee, commission, money, or benefit from or in any company transacting business under this article, commits a Class A misdemeanor.Formerly: Acts 1935, c.162, s.165. As amended by Acts 1978, P.L.2, SEC.2711.
IN Code § 27-1-12-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-29. Group Life Insurance; Exemption of Proceeds From Legal Process

Sec. 29. (a) As used in this section, "premium" includes any deposit or contribution.(b) Except as provided in subsection (c), no policy of group insurance nor the proceeds thereof, when paid to any employee or employees, shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied to any legal or equitable process or operation of law, to pay any debt or liability of such employee, or the employee's beneficiary, or any other person who may have a right under the policy, either before or after payment, nor shall the proceeds thereof, where not payable to a named beneficiary, constitute a part of the estate of the employee for the payment of the employee's debts.(c) A premium paid for an individual life insurance policy that names as a beneficiary, or is legally assigned to, a spouse, child, or relative who is dependent upon the policy owner is not exempt from the claims of the creditors of the policy owner if the premium is paid:(1) not more than one (1) year before the date of the filing of a voluntary or involuntary bankruptcy petition by; or(2) to defraud the creditors of;the policy owner.(d) The insurer issuing the policy is discharged from all liability by payment of the proceeds and avails of the policy (as defined in section 14(b) of this chapter) in accordance with the terms of the policy unless, before payment, the insurer has received at the insurer's home office, written notice by or on behalf of a creditor of the policy owner that specifies the amount claimed against the policy owner.Formerly: Acts 1935, c.162, s.168. As amended by P.L.253-1995, SEC.2; P.L.136-2018, SEC.159.
IN Code § 27-1-12-30 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-30. Group Life Insurance; Assignment of Incidents of Ownership

Sec. 30. No provision of this article or of any other law shall be construed as prohibiting an insured under a group insurance policy, pursuant to agreement among the insured, the group policyholder and the insurer, from making an assignment of all or any part of the incidents of ownership held by the insured under such policy, including specifically but not by way of limitation, any right to designate a beneficiary thereunder and any right to have an individual policy issued in accordance with provisions (8) and (9) of section 28 of this chapter. All such assignments, whether made prior to or subsequent to August 18, 1969, shall be valid for the purpose of vesting in the assignee thereof all the incidents of ownership so assigned, and shall entitle the insurer to deal with the assignee as the owner thereof in accordance with the provisions of said policy, but without prejudice to the insurer on account of any payment made or individual policy issued prior to receipt by the insurer of such notice as may be required by the provisions of the policy.Formerly: Acts 1935, c.162, s.168.1; Acts 1969, c.327, s.2. As amended by P.L.252-1985, SEC.64.
IN Code § 27-1-12-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-31. Authority to Issue Life or Endowment Insurance Upon Group Plan; Special Premium Rates; Valuation of Policies; Segregation

Sec. 31. Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan as defined in this chapter, with special rates of premiums less than the usual rates of premiums for such policies, and may value such policies on any accepted table of mortality and interest assumption adopted by the company for that purpose, provided, that in no case shall such standard be lower than the American Men Table of Mortality (ultimate) with interest assumption at three and one-half percent (3 1/2%) in the case of policies issued before the transition date selected by the company pursuant to section 12 of this chapter, nor lower than the standard prescribed in IC 27-1-12.8 in the case of policies issued on and after such transition date. All policies of group insurance shall be segregated by the company into a separate class, the mortality experience kept separate, and the number of policies, amount of insurance, reserves, premiums, and payments to policyholders under the policies, together with the mortality table and interest assumption adopted by the company shall be reported separately in the company's annual financial statement.Formerly: Acts 1935, c.162, s.169; Acts 1943, c.189, s.8. As amended by P.L.252-1985, SEC.65; P.L.276-2013, SEC.9; P.L.136-2018, SEC.160.
IN Code § 27-1-12-32 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-32. Financial Qualifications of Companies Issuing Certain Contracts

Sec. 32. A domestic life insurance company shall not issue the type of life insurance or annuity contracts defined and sanctioned under Class 1(c) of IC 27-1-5-1 unless, in addition to fulfilling all other qualifications prescribed by law, it possesses assets of not less than twenty million dollars ($20,000,000), or combined capital and surplus, in the case of a stock company, or surplus, in the case of a mutual company, of not less than two million five hundred thousand dollars ($2,500,000). In applying these qualifications to a subsidiary stock life insurance company that is a subsidiary company (as defined in IC 27-1-23-2.6), the requirements concerning assets, capital, and surplus shall be regarded as fulfilled if the consolidated assets, capital, and surplus of the primary and subsidiary companies equal or exceed the required amounts.Formerly: Acts 1935, c.162, s.169.1; Acts 1961, c.138, s.3. As amended by P.L.252-1985, SEC.66; P.L.1-2002, SEC.103.
IN Code § 27-1-12-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-33. Variable Life Insurance Policies; Contents; Regulation

Sec. 33. Variable life insurance policies (contracts providing for immediate or future life insurance benefits as described in Class 1 (c) of IC 27-1-5-1), to the extent that benefits thereunder are on a variable basis, shall contain a statement to that effect in lieu of stipulating the dollar amount of benefits. Such policies shall also contain such grace period, reinstatement, and nonforfeiture provisions, and shall be subject to the establishment of such reserve liabilities, in accordance with actuarial procedures that recognize the variable nature of benefits provided and any mortality guarantees, as the commissioner shall by regulation prescribe. Upon promulgation of such regulation, variable life insurance policies shall not thereafter be subject to the grace period, nonforfeiture, policy loan, reinstatement, and valuation provisions of the Indiana Insurance Law applicable to or required to be contained in other policies of life insurance. Such regulation shall establish such other requirements with respect to variable life insurance policies, variable life insurance, or any matter incidental thereto, as the commissioner deems to be in the public interest.Formerly: Acts 1973, P.L.276, SEC.1. As amended by P.L.86-2018, SEC.204.
IN Code § 27-1-12-34.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-34.1. Wholesale, Franchise, and Employee Term Life Insurance; Issuance or Delivery; Requirements

Sec. 34.1. (a) No policy of wholesale, franchise, or employee life insurance, as defined in this section, shall be issued or delivered in this state unless it conforms to the requirements of this section.(b) Wholesale, franchise, or employee life insurance is defined as a term life insurance plan under which a number of individual term insurance policies are issued at special rates to a selected group. A special rate is any rate lower than the rate shown in the issuing insurance company's manual for individually issued policies of the same type and to insureds of the same class.(c) Wholesale, franchise, or employee life insurance may be issued to:(1) three (3) or more employees of any corporation, copartnership, or individual employer, or any governmental corporation, agency, or department thereof; or(2) ten (10) or more members, employees, or employees of members of any trade or professional association, or of a labor union, or of any association of members in the same or related occupations, profession, or industry having been in existence for at least two (2) years, where such association or union has a constitution or bylaws and is formed in good faith for purposes other than that of obtaining insurance. Evidence of individual insurability satisfactory to the insurer may be required by the insurer as a condition to coverage.(d) The premiums on such policies may be paid to the insurer periodically by the employer, with or without payroll deductions, or by the insured or association or union for its members, or by some designated person acting on behalf of such employer, association, or union. The term "employees" as used in this chapter refers to officers, managers, employees, and retired employees of the employer and the individual proprietor or partners if the employer is an individual or partnership.(e) Each policy issued under this section shall provide that, if the insured person ceases to qualify for the policy he may convert the policy, without evidence of insurability, to an individual policy of life insurance, provided application for such conversion is made within thirty-one (31) days of the date the insured person ceases to qualify for coverage under this section. The individual policy shall be issued on any one (1) of the forms, except term insurance, then customarily issued by the insurer at the age and in the amount applied for. The premium on this individual policy is to be at the insurer's then customary rate applicable to the form and amount of such individual policy, the class of risk to which the insured person then belongs, and his age attained on the effective date of such individual policy.As added by Acts 1982, P.L.6, SEC.17.
IN Code § 27-1-12-35 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-35. Life Insurance Proceeds; Payment; Time Limit; Liability for Interest

Sec. 35. (a) Any resident of this state who becomes entitled to receive payment of an obligation in cash under the terms of a policy of individual life insurance issued in this state, including any death benefit riders attached thereto, endowment insurance or an individual annuity contract, shall be entitled to receive payment of interest from the insuring company if any payment is not received by such resident within thirty (30) days after the event giving rise to the obligation, or within thirty (30) days after the scheduled date of payment as the case may be. Interest payable shall be calculated from the date of the event or the scheduled date of payment. However, any interest awarded by a court shall be in lieu of that provided in this section.(b) The rate of interest payable pursuant to this section shall be not less than that rate, as determined from time to time by the insuring company, applicable to proceeds of life insurance left on deposit with the insuring company and subject to withdrawal on demand.(c) For the purposes of this section, payment shall be deemed to have been received by a resident when manually delivered by an agent or representative of the insuring company or when deposited by the insuring company in the United States mails, postage prepaid, and directed to the resident at his last known address as evidenced by the business records of the insuring company.As added by Acts 1978, P.L.8, SEC.15.
IN Code § 27-1-12-38 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-38. Group Life Insurance; Requirements for Issuance of Policy to Certain Groups

Sec. 38. (a) Group life insurance offered to a resident of Indiana under a group life insurance policy issued to a group other than one described in section 37(1)(A), (2)(A), (3)(A), (4)(A), (5)(A), or (6)(A) of this chapter is subject to the requirements set forth in subsections (b) through (e).(b) A group life insurance policy described in subsection (a) may not be delivered in Indiana unless the commissioner finds that:(1) the issuance of the policy is not contrary to the best interest of the public;(2) the issuance of the policy would result in economies of acquisition or administration; and(3) the benefits of the policy are reasonable in relation to the premiums charged.(c) Group life insurance coverage may not be offered in Indiana by an insurer under a policy that was issued in another state unless Indiana or another state having requirements substantially similar to those contained in subsection (b) has made a determination that the policy meets those requirements.(d) The premium for a policy described in subsection (a) must be paid either from the policyholder's funds, from funds contributed by the covered persons, or from both sources of funds.(e) An insurer may exclude or limit the coverage under a policy described in subsection (a) on any person as to whom evidence of individual insurability is not satisfactory to the insurer.As added by P.L.254-1985, SEC.2. Amended by P.L.268-1987, SEC.1.
IN Code § 27-1-12-39 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-39. Direct Response Solicitations; Notice of Payment of Compensation

Sec. 39. (a) As used in this section, "direct response solicitation" means a solicitation through a sponsoring or endorsing entity through the mails, telephone, or other mass communications media.(b) As used in this section, "sponsoring or endorsing entity" means an organization that has arranged for the offering of a program of insurance in a manner that communicates that:(1) eligibility for participation in the program is dependent upon affiliation with the organization; or(2) the organization encourages participation in the program.(c) This section applies to any program of insurance that, if issued on a group basis, would not conform to one (1) of the descriptions in section 37 of this chapter.(d) If compensation of any kind will or may be paid, under a program of insurance described in subsection (c), to:(1) a policyholder or sponsoring or endorsing entity in the case of a group policy; or(2) a sponsoring or endorsing entity in the case of individual, blanket, or franchise policies marketed by means of direct response solicitation;the insurer shall cause to be distributed to prospective insureds under the program a written notice that compensation will or may be paid under the program as indicated in subdivision (1) or (2).(e) The notice required under subsection (d) shall be given:(1) whether the compensation that will or may be paid is direct or indirect; and(2) whether the compensation is to be paid to or retained by:(A) the policyholder or sponsoring or endorsing entity; or(B) a third party, at the direction of the policyholder or sponsoring or endorsing entity, or any entity affiliated with the sponsoring or endorsing entity by way of ownership, contract, or employment.(f) The notice required under subsection (d) shall be placed on or accompany any application or enrollment form provided prospective insureds.As added by P.L.254-1985, SEC.3.
IN Code § 27-1-12-40 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-40. Group Life Insurance; Premiums; Spouse or Dependent Child Coverage

Sec. 40. Except for a policy that conforms to the description in section 37(2) of this chapter, a group life insurance policy may be extended to insure the employees or members, or any class or classes of employees or members, against loss due to the death of their spouses and dependent children, subject to the following:(1) The premium for the insurance must be paid either from funds contributed by the employer, union, association, or other person to whom the policy has been issued, from funds contributed by the covered persons, or from both sources of funds. Except as provided in subdivision (2), a policy on which no part of the premium for the spouse's and dependent child's coverage is to be derived from funds contributed by the covered persons must insure all eligible employees or members, or any class or classes of eligible employees or members, with respect to their spouses and dependent children.(2) An insurer may exclude or limit the coverage on any spouse or dependent child as to whom evidence of individual insurability is not satisfactory to the insurer.As added by P.L.254-1985, SEC.4. Amended by P.L.111-2008, SEC.2.
IN Code § 27-1-12-42 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-42. Group Life Insurance; Conversion Rights; Notice; Time to Exercise Rights

Sec. 42. (a) If a person who:(1) is insured under a group life insurance policy delivered in Indiana; and(2) is entitled under the terms of the group policy to have an individual policy of life insurance issued without evidence of insurability upon the making of application and payment of the first premium within the period specified in the policy;is not given notice of the existence of the conversion right referred to in subdivision (2) at least fifteen (15) days before the expiration of the period during which the application and payment of the first premium must be made under the terms of the policy, the person has an additional period within which to exercise the conversion right.(b) The additional period created under subsection (a) for exercise of a right of conversion expires fifteen (15) days after the person is given notice of the conversion right. However, irrespective of the date on which notice is given or of the absence of any notice, the additional period may not extend beyond sixty (60) days after the expiration date of the period within which application and payment of the first premium were to be made under the terms of the policy.(c) For purposes of this section, notice of the right of conversion may be given to the person in a writing:(1) presented to the person;(2) mailed by the policyholder to the last known address of the person; or(3) mailed by the insurer to the last known address of the person as furnished by the policyholder.As added by P.L.254-1985, SEC.6.