reglab/housing_qa huggingface dataset:
IN Code § 27-1-12-43 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-43. Life Insurance Provision Allowing for Right to Return Policy

Sec. 43. (a) As used in this section, "life insurance policy" means:(1) an individual life insurance policy other than a credit life insurance policy; or(2) an individual policy of variable life insurance;that is sold after June 30, 1994.(b) No life insurance policy may be issued in Indiana or issued for delivery in Indiana unless it contains a provision allowing the policyholder to return the policy to:(1) the insurer;(2) the insurance producer through whom the policy was purchased; or(3) any agent of the insurer;within ten (10) days after the policy is received by the policyholder for a full refund of all money paid by the policyholder.(c) Each life insurance policy must have prominently printed on its first page a notice setting forth in substance the provisions of subsection (b).As added by P.L.116-1994, SEC.25. Amended by P.L.178-2003, SEC.16.
IN Code § 27-1-12-44 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-44. Stranger Originated Life Insurance Allegation; Lack of Insurable Interest

Sec. 44. (a) This section applies to a life insurance policy that is issued after June 30, 2008.(b) Notwithstanding any other law, an insurer shall not, after a life insurance policy has been in force for two (2) years after the life insurance policy's date of issue, allege that the life insurance policy was issued in connection with stranger originated life insurance (as defined in IC 27-8-19.8-7.8) as a basis to deny payment of the proceeds of the life insurance policy. However, an insurer may seek to void a life insurance policy at any time for lack of insurable interest at the time the life insurance policy was issued.As added by P.L.112-2008, SEC.1.
IN Code § 27-1-12-45 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-45. Execution of Post Form Does Not Affect Life Insurance; Prohibition on Consideration of Post Form in Determining Life Insurance Premiums

Sec. 45. (a) The execution of a POST form under IC 16-36-6 does not affect the sale, issuance, or terms of a policy of life insurance.(b) A policy of life insurance is not legally impaired or invalidated by the execution of a POST form, including the withholding or withdrawal of life prolonging procedures from an insured under the medical orders included in the POST form.(c) A POST form may not be considered in the establishment of insurance premiums for an individual.(d) A person may not require an individual to complete a POST form as a condition for being insured for health care services.As added by P.L.164-2013, SEC.9.
IN Code § 27-1-12-46 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-46. Policy or Certificate Designated for Purchase of Funeral Services or Merchandise; Representations by Issuer; Required Disclosures; Violations

Sec. 46. (a) This section applies to a life insurance policy or certificate:(1) that is issued after June 30, 2015;(2) the proceeds of which may be designated for use in the purchase of funeral services or merchandise upon the death of the insured; and(3) the ownership of which is not irrevocably assigned to a trustee and used to fund a contract under IC 30-2-13.(b) An issuer of a life insurance policy or certificate described in subsection (a) may not represent to a policyholder or certificate holder, a prospective policyholder or certificate holder, an insured, a beneficiary, or any other person that the life insurance policy or certificate is:(1) a contract for prepaid services or merchandise under IC 30-2-13; or(2) a funeral policy or a policy with any similar designation.(c) A life insurance policy or certificate described in subsection (a) may not be delivered or issued for delivery in Indiana, or issued by a company organized under the laws of this state, unless the life insurance policy or certificate either contains or includes in an attached disclaimer the following provisions, or corresponding provisions that the department determines are at least as favorable to policyholders or certificate holders:(1) A statement that the life insurance policy or certificate is not a contract for prepaid services or merchandise under IC 30-2-13.(2) A statement that the life insurance policy or certificate does not entitle the policyholder, the certificate holder, or any other person to:(A) prepaid funeral services or merchandise, or any services or merchandise described in IC 30-2-13-8; or(B) the right to file a complaint with the state board of funeral and cemetery service established by IC 25-15-9-1 for restitution from the preneed consumer protection fund under IC 30-2-13-29;unless ownership of the policy is irrevocably assigned to a trustee to fund a contract entered into with a seller (as defined under IC 30-2-13-10) under IC 30-2-13.(3) A statement that:(A) the life insurance policy or certificate:(i) is not guaranteed to be exempt as a resource in determining eligibility for Medicaid under IC 12-15-2-17; and(ii) does not guarantee Medicaid eligibility; and(B) Medicaid eligibility determinations are made in accordance with applicable Medicaid laws and policies.(d) A person that willfully violates this section commits an unfair and deceptive act or practice in the business of insurance under IC 27-4-1-4 and is subject to the penalties and procedures set forth in IC 27-4-1.As added by P.L.227-2015, SEC.5.
IN Code § 27-1-12.1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-1. Affiliate

Sec. 1. As used in this chapter, "affiliate" means a domestic life insurance company that is a wholly owned subsidiary of the parent of a limited purpose subsidiary.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-2. Limited Purpose Subsidiary

Sec. 2. As used in this chapter, "limited purpose subsidiary" means a subsidiary life insurance company that is organized under this chapter.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-3. Organizing Domestic Life Insurance Company

Sec. 3. As used in this chapter, "organizing domestic life insurance company" refers to a life insurance company that organizes a limited purpose subsidiary under this chapter.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-4. Parent

Sec. 4. As used in this chapter, "parent" means a person that through at least one (1) intermediary wholly owns a limited purpose subsidiary.As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.1.
IN Code § 27-1-12.1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-5. Risk

Sec. 5. As used in this chapter, "risk" means a risk:(1) that is associated with a life insurance policy that is:(A) written by a ceding domestic life insurance company; or(B) assumed by a ceding domestic life insurance company from an affiliate; and(2) for which a ceding domestic life insurance company holds direct statutory reserves for the policy as required under IC 27-1-12-10.5.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-6. Organization of Limited Purpose Subsidiary

Sec. 6. A domestic life insurance company that is authorized to engage in the business of insurance in Indiana may organize a limited purpose subsidiary under this chapter.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-8. Certificate of Authority; Conditions; Production and Disclosures to Commissioner

Sec. 8. (a) The commissioner may issue a certificate of authority to a limited purpose subsidiary upon a finding by the commissioner of all of the following:(1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary.(2) That the terms of all proposed reinsurance contracts and related transactions of the limited purpose subsidiary comply with this chapter and any other applicable insurance laws.(3) That the proposed plan of operation is not hazardous to any ceding insurer.(b) The commissioner may, in conjunction with the issuance of a certificate of authority to a limited purpose subsidiary, issue an order containing any terms or conditions applying to the limited purpose subsidiary's authority to engage in the business of reinsurance, including terms or conditions concerning the organization, licensing, or operation of the limited purpose subsidiary, consistent with this chapter and determined necessary by the commissioner.(c) A limited purpose subsidiary shall produce or disclose its plan of operation, amendments, and records, books, documents, reports, and other information that the commissioner requires the limited purpose subsidiary to produce or disclose under:(1) this chapter;(2) rules adopted under section 15 of this chapter; or(3) an order under IC 27-1-3.1.(d) The commissioner has the powers enumerated in IC 27-1-3.1 with respect to a limited purpose subsidiary.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-9. Authority of Limited Purpose Subsidiary

Sec. 9. A limited purpose subsidiary that is granted a certificate of authority by the commissioner under this chapter:(1) is authorized to engage in the business of reinsurance for purposes of IC 27-6-10.1 only for the lines of insurance for which the:(A) organizing domestic life insurance company; and(B) affiliates of the organizing domestic life insurance company;are authorized;(2) may reinsure only risks of:(A) the organizing domestic life insurance company; and(B) affiliates of the organizing domestic life insurance company; and(3) may access alternative forms of financing.As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.3; P.L.130-2020, SEC.3.
IN Code § 27-1-12.1-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-10. Investment of Organizing Domestic Life Insurance Company

Sec. 10. An organizing domestic life insurance company may invest funds from the organizing domestic life insurance company's surplus in a limited purpose subsidiary that is organized by the organizing domestic life insurance company.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-11. Officers and Directors

Sec. 11. The officers and directors of an organizing domestic life insurance company may serve as officers and directors of a limited purpose subsidiary organized by the organizing domestic life insurance company.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-12. Purchase of Reinsurance

Sec. 12. A limited purpose subsidiary may, upon approval of the commissioner, purchase reinsurance to cede the reinsurance risks assumed by the limited purpose subsidiary.As added by P.L.11-2011, SEC.7.
IN Code § 27-1-12.1-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-13. Admitted Assets

Sec. 13. (a) If approved by the commissioner, the following are considered to be and must be reported as admitted assets of a limited purpose subsidiary:(1) Proceeds from a securitization, premiums, and other amounts payable by an affiliate to the limited purpose subsidiary.(2) Letters of credit.(3) Guarantees of the parent.(4) Other assets.(b) If the commissioner determines that the value of admitted assets that:(1) were previously approved by the commissioner under subsection (a); and(2) are not assets that are addressed by the Accounting Practices and Procedures Manual;has decreased, the commissioner may require the limited purpose subsidiary to provide additional security or collateral.(c) The commissioner shall, at least thirty (30) days before taking action under subsection (b):(1) notify the limited purpose subsidiary of the action; and(2) provide to the limited purpose subsidiary an opportunity to remedy the issues identified by the commissioner.As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.4; P.L.124-2018, SEC.18.
IN Code § 27-1-12.1-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-14. Duties of Limited Purpose Subsidiary

Sec. 14. (a) A limited purpose subsidiary shall do the following:(1) Provide to the commissioner, not later than forty-five (45) days after the closing date of the transactions of an insurance securitization, a copy of a complete set of executed documentation of the insurance securitization.(2) Notify the commissioner, not later than two (2) business days after any material change in the financial condition or management of the limited purpose subsidiary, written notice of the material change.(3) Annually file with the commissioner the actuarial opinion of the limited purpose subsidiary's internal actuary concerning reserves held by the limited purpose subsidiary for all risks assumed by the limited purpose subsidiary under the limited purpose subsidiary's reinsurance contracts.(4) Biennially file with the commissioner the actuarial opinion of a qualified actuary concerning the methodology and assumptions used by the limited purpose subsidiary in establishing the reserves held by the limited purpose subsidiary.(5) Immediately notify the commissioner concerning any action by a ceding insurer or other person to foreclose on or otherwise take possession of collateral provided by the limited purpose subsidiary to secure an obligation of the limited purpose subsidiary.(6) Comply with IC 27-1-23 and IC 27-1-36.(b) Unless otherwise required by the commissioner, a limited purpose subsidiary is not required to file a report, notice, or other document with the National Association of Insurance Commissioners.As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.5.
IN Code § 27-1-12.1-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies|27-1-12.1-15. Administrative Rules; Emergency Rulemaking

Sec. 15. (a) The commissioner may adopt rules under IC 4-22-2 to implement this chapter.(b) The rules adopted under subsection (a) may specify the following concerning limited purpose subsidiaries:(1) Requirements for reserves, including actuarial certification.(2) Requirements for securities.(3) Authorized investments.(4) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary.(5) Requirements for dividends and distributions.(6) Requirements for operations.(7) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.(c) The commissioner may adopt emergency rules under IC 4-22-2-37.1 to implement this section if the commissioner determines that:(1) the need for a rule is so immediate and substantial that rulemaking procedures under IC 4-22-2-23 through IC 4-22-2-36 are inadequate to address the need; and(2) an emergency rule is likely to address the need.As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.6.
IN Code § 27-1-12.3-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-1. Definitions

Sec. 1. As used in this chapter:(a) "Published monthly average" means:(1) Moody's corporate bond yield average-monthly average corporates as published by Moody's Investors Service, Inc.; or(2) in the event that the Moody's corporate bond yield average-monthly average corporates is no longer published, a substantially similar average, established by regulation issued by the insurance commissioner.(b) "Insurer" means an entity issuing a policy.(c) "Policy loan" means:(1) a loan secured by a policy of life insurance under IC 27-1-12-6(a)(8) and IC 27-1-12-19;(2) any premium loan made under a policy to pay one (1) or more premiums that were not paid to the life insurer as they became due; or(3) a loan secured by any certificate or annuity contract that provides loans on the security of the certificate or annuity contract.(d) "Policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer.(e) "Policy" means:(1) a life insurance policy;(2) a certificate issued by a fraternal benefit society; or(3) an annuity contract;that provides for policy loans.(f) "Rate of interest" or "interest rate" means the rate of interest on policy loans, including the rate of interest charged on reinstatement of policy loans for the period during and after any lapse.As added by Acts 1981, P.L.240, SEC.1. Amended by P.L.124-2018, SEC.19.
IN Code § 27-1-12.3-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-2. Required Provisions in Policies

Sec. 2. Policies issued after August 31, 1983, must contain a provision for policy loan interest rates permitting:(1) a maximum interest rate of not more than eight percent (8%) per year; or(2) an adjustable interest rate established from time to time as follows:(A) The maximum rate of interest shall be the greater of the rate determined by the published monthly average for the calendar month ending two (2) months before the date on which the interest rate is determined or the rate used to compute the cash surrender values under the policy during the applicable loan period as required in IC 27-1-12-7(5), plus one percent (1%) per year.(B) The maximum interest rate for each policy shall be determined at regular intervals at least once every twelve (12) months, but not more frequently than once every three (3) months. The interval must be specified in the policy.(C) As of the time of the periodic maximum interest determination, the interest rate on the policy loan will be fixed, not below the minimum rate, as follows:(i) If the maximum rate is greater than the last previous establishment or change of the interest rate, the interest rate may at the option of the insurer be increased to any rate not in excess of the maximum rate.(ii) If the maximum rate is less than the last previous establishment or change of the interest rate, the interest rate will be decreased to the new maximum rate.(iii) Notwithstanding subparts (i) and (ii) of this clause (C), no change in interest rate which is less than one-half percent (1/2%) will be made.(D) The most recently determined interest rate on a loan made on any policy will apply to the unpaid amount of all policy loans previously made thereon.As added by Acts 1981, P.L.240, SEC.1. Amended by P.L.260-1983, SEC.6.
IN Code § 27-1-12.3-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-3. Variable Interest Rate Loans; Duties of Insurer

Sec. 3. With respect to variable interest rate loans under section 2 of this chapter, the insurer shall:(1) notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan;(2) notify the policyholder as soon as is reasonably practical after a premium loan is made of the initial rate of interest on the loan, except that notice need not be given the policyholder when a further premium loan is added other than the notice required by subdivision (3) of this section;(3) send to the policyholder reasonable advance notice of any increase in the loan interest rate; and(4) include in the notices required by this section, whether the rate is fixed or variable and, if variable, the permitted frequency of change.As added by Acts 1981, P.L.240, SEC.1.
IN Code § 27-1-12.3-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-4. Loan Value of Policy; Determination; Termination of Policy Due to Increase in Interest Rate

Sec. 4. (a) The loan value of a policy shall be determined in accordance with IC 27-1-12-6(8); however, a policy shall not terminate in a policy year as the sole result of an increase in the interest rate and the failure of the policyholder to pay the amount of interest required by that increase during that policy year. In such event, the insurer shall maintain coverage during that policy year until the time at which the policy would otherwise have terminated if there had been no change during that policy year.As added by Acts 1981, P.L.240, SEC.1.
IN Code § 27-1-12.3-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-5. Nonapplicability of Other Laws

Sec. 5. No statute other than this chapter applies to policy loan interest rates, except to the extent that a statute enacted after the 1981 regular session of the Indiana general assembly specifically provides otherwise.As added by Acts 1981, P.L.240, SEC.1.
IN Code § 27-1-12.3-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.3. Interest Rates on Insurance Policy Loans|27-1-12.3-6. Inapplicability to Contracts Issued Before September 1, 1981; Agreement Excepted

Sec. 6. The provisions of this chapter shall not apply to any insurance contract issued before September 1, 1981, unless the policyholder agrees in writing to the applicability of such provisions.As added by Acts 1981, P.L.240, SEC.1.
IN Code § 27-1-12.4-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.4. Charitable Gift Annuities|27-1-12.4-1. "Internal Revenue Code"

Sec. 1. As used in this chapter, "Internal Revenue Code" means the Internal Revenue Code of 1986, as in effect on January 1, 1994.As added by P.L.131-1994, SEC.1. Amended by P.L.124-2018, SEC.20.
IN Code § 27-1-12.4-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.4. Charitable Gift Annuities|27-1-12.4-2. Annuities Exempt From Regulation

Sec. 2. An annuity is not subject to regulation by the department under IC 27 if the annuity:(1) is established under a transaction that, for federal income tax purposes, is treated:(A) in part as a charitable contribution under Section 170 of the Internal Revenue Code; and(B) in part as an investment in an annuity contract under Section 72 of the Internal Revenue Code; and(2) meets the requirements for exclusion from the definition of "acquisition indebtedness" under Section 514(c)(5) of the Internal Revenue Code.As added by P.L.131-1994, SEC.1.