reglab/housing_qa huggingface dataset:
IN Code § 27-1-12.5-0.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The amendments made to sections 2 and 3 of this chapter by P.L.59-2004 apply to an annuity contract issued after June 30, 2004.As added by P.L.220-2011, SEC.422.
IN Code § 27-1-12.5-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-1. "Annuity Contract" Defined

Sec. 1. The term "annuity contract" as used in this chapter means:(1) any individual deferred annuity contract; and(2) any group annuity contract delivered or issued in connection with a plan providing individual retirement accounts or individual annuities under Section 408 of the Internal Revenue Code;but does not refer to any other group annuity or to any reinsurance, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, and any annuity contract delivered outside this state through an agent or other representative of the company issuing the contract.As added by Acts 1977, P.L.286, SEC.1. Amended by P.L.2-1987, SEC.36.
IN Code § 27-1-12.5-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-4. Paid-Up Benefits

Sec. 4. Any paid-up annuity benefit available under any annuity contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-5. Cash Surrender Benefits

Sec. 5. If an annuity contract provides cash surrender benefits, the amount of these benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such an annuity contract shall be at least equal to the cash surrender benefit.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-6. Paid-Up Annuity Benefit Available as Nonforfeiture Option Where No Cash Surrender Benefits

Sec. 6. If an annuity contract does not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. The present values for an annuity contract, not providing any death benefits prior to the commencement of any annuity payments, shall be calculated on the basis of the interest rate and mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-7. Maturity Date Determination

Sec. 7. For the purpose of determining the benefits calculated under sections 5 and 6, in the case of an annuity contract under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-8. Statement of Benefits Not Provided

Sec. 8. Any annuity contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-9. Allowance for Lapse of Time and Payment of Scheduled Considerations

Sec. 9. Under any annuity contract with fixed scheduled considerations, any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-10. Life Insurance; Additional Benefits

Sec. 10. If any annuity contract provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of sections 4, 5, 6, 7, and 9, additional benefits payable (i) in the event of total and permanent disability, (ii) as reversionary annuity or deferred reversionary annuity benefits, or (iii) as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by this chapter. The inclusion of such additional benefits shall not be required in any paid-up benefits unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.As added by Acts 1977, P.L.286, SEC.1.
IN Code § 27-1-12.5-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts|27-1-12.5-11. Rules

Sec. 11. The commissioner may adopt rules under IC 4-22-2 to implement this chapter.As added by P.L.59-2004, SEC.3.
IN Code § 27-1-12.6-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-1. Application of Law

Sec. 1. Each annuity contract, as defined in IC 27-1-12.5, whether in a separate instrument, or in a separate provision in or as a rider to a life insurance policy, shall be subject to the limitations and disclosures set out in this chapter.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-2. Calculation of Paid-Up Nonforfeiture Benefits

Sec. 2. Each annuity contract shall contain a brief and general statement of the method to be used in calculating the paid-up nonforfeiture benefits available under the contract.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-3. Cash Surrender Value Table

Sec. 3. Each annuity contract providing for single or fixed scheduled considerations shall contain a table showing the cash surrender value, if any, available under the contract on each contract anniversary date, during the first twenty (20) contract years or during the term of the contract, whichever is shorter. Such table shall be calculated upon the assumptions that there are no additional amounts credited by the company to the contract, that there is no indebtedness to the company on account of or secured by the contract and that there are no prior withdrawals from or partial surrender of the contract.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-4. Automatic Payments

Sec. 4. An annuity contract shall not contain a provision wherein life insurance premium or annuity consideration payments may be automatically made by the company by withdrawing from or placing a loan against annuity nonforfeiture values provided under the contract.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-5. Right to Return Contracts

Sec. 5. Each annuity contract shall contain a provision giving the purchaser an unrestricted right to return the contract to the company or to the insurance producer through whom it was purchased, on or before the tenth day after it is received by the purchaser, such return entitling the purchaser to a return of the value of a variable annuity account or the monies paid by the purchaser to a fixed account in connection with the issuance of the contract. This provision shall be conspicuously placed on the face of the contract. This provision does not apply to contracts issued in connection with a pension, annuity, or profit-sharing plan qualified or exempt under Sections 401, 403, 404, or 501 of the Internal Revenue Code, if participation in the plan is a condition of employment.As added by Acts 1977, P.L.286, SEC.2. Amended by P.L.2-1987, SEC.37; P.L.116-1994, SEC.26; P.L.178-2003, SEC.17.
IN Code § 27-1-12.6-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-6. Disclosures

Sec. 6. If an annuity contract does not provide a cash surrender benefit or a death benefit prior to the commencement of any annuity payments at least equal to the minimum nonforfeiture amounts provided in IC 27-1-12.5, the company shall, in addition to the disclosures provided in IC 27-1-12.5-8, make such disclosures as the commissioner by regulation shall provide, including, but not limited to, the following:(1) The execution by the purchaser of a statement in such form as the commissioner may approve, stating specifically the following, as appropriate:(i) the only nonforfeiture value provided by the contract is a paid-up benefit;(ii) the contract provides no cash surrender value;(iii) the contract provides no benefit should the purchaser die before maturity.(2) The form shall be made a part of the application or may be executed separately from and attached to the application. It shall be executed at or prior to the time of executing the application and shall be filed with the application in the company's office.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-7. Rules and Regulations

Sec. 7. The commissioner is authorized to promulgate rules and regulations to provide disclosure of (1) the pertinent facts concerning annuity contracts to purchasers of these contracts in advertising and sales literature, (2) practices connected with their issuance, and (3) their annual nonforfeiture and related values.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-8. Form of Contracts

Sec. 8. An annuity contract shall not be issued or delivered in this state until the form has been filed with the department, and not thereafter if the department within thirty (30) days after this filing gives a written notice to the company setting out the reasons why the form of the contract does not comply with the laws of this state.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.6-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.6. General Provisions of Annuity Contracts|27-1-12.6-9. Disapproval of Benefits

Sec. 9. The commissioner may disapprove any individual annuity contract or contracts issued for delivery in Indiana which do not provide a cash surrender value in accordance with IC 27-1-12.5 upon cessation of the payment of considerations under the contract, if in his opinion the annuity would otherwise be misleading, deceptive or unfair to the purchaser. This provision does not, however, apply (i) to such contract delivered in connection with a pension, profit-sharing or employee benefit plan funded in whole or in part by employer contributions, (ii) to annuities purchased in connection with the termination or winding up of a pension, profit-sharing, or employee benefit plan, or (iii) to an individual annuity contract issued by a company organized and operated without profit to any private shareholder or individual, exclusively for the purpose of aiding nonproprietary education and scientific institutions, and providing a nationwide pension system featuring full funding and full and immediate vesting of benefits.As added by Acts 1977, P.L.286, SEC.2.
IN Code § 27-1-12.7-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-1. "Funding Agreement"

Sec. 1. As used in this chapter, "funding agreement" means an agreement that:(1) is issued by a life insurance company to a holder;(2) authorizes a life insurance company to accept funds; and(3) provides for an accumulation of the funds for the purpose of making one (1) or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the holder of the funding agreement.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-2. "Holder"

Sec. 2. As used in this chapter, "holder" means a person described in section 5 of this chapter that is issued a funding agreement by a life insurance company.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-3. "Life Insurance Company"

Sec. 3. As used in this chapter, "life insurance company" means a life insurance company authorized to issue a product described in Class 1(c) of IC 27-1-5-1.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-4. "Optional Modes of Settlement"

Sec. 4. As used in this chapter, "optional modes of settlement" means the manner in which the funding agreement is structured to repay interest and principal to the holder.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-5. Issuance or Issuance for Delivery of Funding Agreements

Sec. 5. A life insurance company may issue or issue for delivery in Indiana a funding agreement to the following:(1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of an insurance business.(2) A person who uses the funding agreement for the purpose of funding:(A) benefits under an employee benefit plan (as defined in the federal Employee Retirement Security Act of 1974, 29 U.S.C. 1001 et seq.);(B) the activities of a nonprofit organization exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code or a similar nonprofit organization domiciled in a foreign country;(C) a program of:(i) the United States government;(ii) a state government;(iii) a political subdivision;(iv) a foreign country; or(v) an agency or instrumentality of the United States or a state government, a political subdivision, or a foreign country;(D) an agreement providing for periodic payments in satisfaction of a claim;(E) a program of an institution with assets exceeding twenty-five million dollars ($25,000,000);(F) a program in which a business entity, including a trust:(i) purchases and holds funding agreements; and(ii) issues securities by using the funding agreement to finance or collateralize the securities; or(G) any program or activity substantially similar to a program or an activity described in clauses (A) through (F) that is first authorized by the commissioner.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-6. Funding Agreements Interpretation

Sec. 6. The issuance of a funding agreement:(1) constitutes an activity necessary, convenient, or expedient to the business of a life insurance company under IC 27-1-7-2;(2) is not insurance under IC 27-1-5-1;(3) is not a security (as defined in IC 23-19-1-2(28)); and(4) does not constitute gross premium for taxation purposes under IC 27-1-18-2.As added by P.L.178-2003, SEC.18. Amended by P.L.27-2007, SEC.25.
IN Code § 27-1-12.7-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-7. Guaranteed or Credited Amounts Under Funding Agreements

Sec. 7. An amount may not be guaranteed or credited under a funding agreement except:(1) upon reasonable assumptions as to investment income and expenses; and(2) on a basis equitable to all holders of funding agreements of a given class.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-8. Segregated Asset Accounts

Sec. 8. An amount paid to a life insurance company and proceeds applied to amounts paid under optional modes of settlement under a funding agreement may be allocated by the insurer to one (1) or more segregated asset accounts in the manner described in Class 1(c) of IC 27-1-5-1.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-9. Commissioner; Conditions; Rules

Sec. 9. The commissioner may establish reasonable conditions or adopt rules under IC 4-22-2 regarding:(1) reserve amounts to be maintained by a life insurance company for funding agreements;(2) accounting and reporting of funds credited under funding agreements; and(3) other matters regarding funding agreements the commissioner considers necessary, proper, and advisable.As added by P.L.178-2003, SEC.18.
IN Code § 27-1-12.7-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.7. Funding Agreements|27-1-12.7-10. Regulation; Funding Agreement Not a Covered Policy; Claim for Payments; Assets in Segregated Asset Account

Sec. 10. Notwithstanding any other provision of law:(1) the commissioner has the sole authority to regulate the issuance and sale of funding agreements;(2) a funding agreement is not considered a covered policy under IC 27-8-8-2.3(d);(3) a claim for payments under a funding agreement must be treated as a loss claim described in Class 2 of IC 27-9-3-40; and(4) assets supporting a funding agreement in a segregated asset account under section 8 of this chapter are subject to IC 27-9-3-40.5 and Class 1(c) of IC 27-1-5-1.As added by P.L.178-2003, SEC.18. Amended by P.L.193-2006, SEC.2; P.L.173-2007, SEC.8; P.L.1-2010, SEC.109.
IN Code § 27-1-12.8-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-1. "Accident and Sickness Insurance"

Sec. 1. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "accident and sickness insurance" means insurance described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1.(b) On and after the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "accident and sickness insurance" means insurance described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1 and as may be specified in the valuation manual.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-2. "Appointed Actuary"

Sec. 2. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "appointed actuary" means a qualified actuary who is appointed to prepare an actuarial opinion required by sections 21 and 22 of this chapter.(b) On and after the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "appointed actuary" means a qualified actuary who is appointed in accordance with the valuation manual to prepare an actuarial opinion required by section 23 of this chapter.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-3. "Change in Fund Basis"

Sec. 3. As used in this chapter, "change in fund basis" refers to a valuation basis under which the interest rate used to determine the minimum valuation standard applicable to each change in the fund held under an annuity or a guaranteed interest contract is the calendar year valuation interest rate for the year of the change in the fund.As added by P.L.276-2013, SEC.10.