reglab/housing_qa huggingface dataset:
IN Code § 27-1-11-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 11. Reorganization of Existing Insurance Companies|27-1-11-7. Completion of Reorganization; Effect

Sec. 7. Upon the issuance of the certificate of reorganization by the secretary of state, the filing for record of the articles with the department and the county recorder as provided in section 6 of this chapter, and the issuance of the new certificate of authority provided for in section 6 of this chapter:(1) the reorganization shall become effective;(2) the corporation shall be entitled to all of the rights, privileges, immunities, powers, and franchises and be subject to all of the penalties, liabilities, and restrictions by the provisions of this article granted to or imposed upon corporations organized under this article; and(3) the articles of incorporation or organization shall be deemed to be amended to the extent, if any, that any provision or provisions of such articles shall be restated in the articles of reorganization as provided by section 2 of this chapter.Formerly: Acts 1935, c.162, s.145. As amended by P.L.252-1985, SEC.58.
IN Code § 27-1-12-0.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The addition of sections 37, 38, 39, 40, 41, and 42 of this chapter by P.L.254-1985 applies to insurance policies delivered in Indiana after December 31, 1985.As added by P.L.220-2011, SEC.421.
IN Code § 27-1-12-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-1. Particular Rights, Privileges, and Powers

Sec. 1. In addition to the general rights, privileges, and powers conferred by IC 27-1-5 through IC 27-1-13 and IC 27-11, and subject to the limitations and restrictions contained in this article and in the articles of incorporation, every life insurance company shall possess and may exercise the rights, privileges, and powers enumerated in this chapter and IC 27-1-12.8.Formerly: Acts 1935, c.162, s.146. As amended by P.L.252-1985, SEC.59; P.L.3-1990, SEC.96; P.L.276-2013, SEC.2.
IN Code § 27-1-12-2.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-2.5. Investments; Assets of Certain Segregated Investment Accounts; Limitations and Exceptions

Sec. 2.5. (a) A domestic life insurance company, which has a segregated account or accounts in relation to contracts to which class 1(c) of IC 27-1-5-1 applies, is governed as to its investment of assets by the investment limitations of section 2 of this chapter with the following exceptions:(1) the limitations prescribed in paragraph 22 of section 2(b) of this chapter are not applicable to investments in relation to such segregated account or accounts;(2) investments under paragraph 20 of section 2(b) of this chapter are solely limited to ten percent (10%) of the assets of such segregated account; and(3) the limitations in sections 2 and 3 of this chapter do not apply with regard to contributions, premiums, or considerations made by holders of pension contracts issued by a domestic life insurance company, which has net assets of at least twenty-five million dollars ($25,000,000) at the end of the preceding calendar year and which has allocated such contributions, premiums, or considerations to a segregated investment account or accounts.(b) Nothing in section 2 of this chapter or this section prohibits the investment of all assets of a segregated account or accounts in any open-end diversified management company registered under the federal Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).(c) Pension contracts for the purposes of subsection (a)(3) means contracts to which both class 1(c) of IC 27-1-5-1 applies and which are issued in connection with a plan or other arrangement described in section 3(a)(2) of the Securities Act of 1933, (15 U.S.C. 77c(a)(2)). The term also includes agreements reinsuring other insurers' contracts which were issued in connection with plans or other arrangements described in 15 U.S.C. 77c(a)(2).As added by Acts 1981, P.L.236, SEC.2. Amended by P.L.186-1997, SEC.4.
IN Code § 27-1-12-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-3. Real Estate

Sec. 3. Any domestic life insurance company shall have power to acquire, hold and convey real estate as described below, and no other:1. The building in which it has its principal office and the land on which it stands;2. Such as shall be necessary for the convenient transaction of its business;3. Such as shall have been acquired for the accommodation of its business;4. Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted or for money due;5. Such as shall have been conveyed to it in connection with its investments in real estate contracts or its investments in real estate under lease or for the purpose of leasing or developing in accordance with paragraph 8 of section 2 of this chapter or such as shall have been acquired for the purpose of investment under paragraph 20 of section 2(b) of this chapter. Any real estate acquired under paragraph 20 of section 2(b) of this chapter shall be evaluated for statement purposes in a manner satisfactory to the department.6. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or in exchange for real estate so conveyed to it; and7. Such as it shall have purchased at sales on judgments, decrees or mortgages obtained or made for such debts.All such real estate specified in paragraphs (3), (4), (5), (6), and (7) of this section, which shall not be necessary for the convenient transaction of its business, and which is not held under paragraphs 7, 8 or 20 of section 2(b) of this chapter, shall be sold by the life insurance company and disposed of within ten (10) years after it shall have acquired the title to same, or within five (5) years after the same shall have ceased to be necessary for the accommodation of its business, unless the company procures the certificate of the commissioner that its interests will suffer materially by a forced sale thereof, in which event the time for the sale may be extended to such time as the commissioner shall direct in such certificate.Formerly: Acts 1935, c.162, s.148; Acts 1945, c.175, s.2; Acts 1951, c.24, s.1. As amended by Acts 1981, P.L.236, SEC.3; P.L.186-1997, SEC.5.
IN Code § 27-1-12-3.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-3.5. Intangible Assets Attributable to Investment in Subsidiary; Exceptions

Sec. 3.5. Goodwill, trade names, and other like intangible assets attributable to any investment in a subsidiary shall be admitted as assets except:(1) to the extent that the aggregate amount thereof exceeds ten percent (10%) of the capital and surplus of the insurer as reported in its latest annual report filed with the commissioner;(2) to the extent that any such asset is not being amortized ratably over a period of ten (10) years or less from the date of acquisition; and(3) in determining the financial condition or solvency of an insurer under IC 27-9.As added by P.L.160-1986, SEC.1.
IN Code § 27-1-12-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-4. Valuation of Bonds and Securities

Sec. 4. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: If purchased at par, at the par value; if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or, instead of this method, according to an accepted method of valuation approved by the department. The purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage, or express charges paid in the acquisition of the securities. The department shall have full discretion in determining the method of calculating values according to the rules set forth in this subsection. However, no such method or valuation under this subsection may be inconsistent with any applicable method or valuation used by insurers in general or the method specified in the Accounting Practices and Procedures Manual.(b) Securities held by an insurer, other than those referred to in subsection (a), shall be valued, in the discretion of the department, at their market value or at their appraised value or at prices determined by the department as representing the fair market value of the securities. Preferred or guaranteed stocks or shares, while paying full dividends, may be carried at a fixed value in lieu of market value at the discretion of the department and in accordance with the method of valuation that the department approves. No valuation under this subsection may be inconsistent with the applicable valuation or method specified in the Accounting Practices and Procedures Manual.Formerly: Acts 1935, c.162, s.150. As amended by P.L.130-1994, SEC.16; P.L.116-1994, SEC.21; P.L.124-2018, SEC.15.
IN Code § 27-1-12-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-8. Prohibited Provisions

Sec. 8. No policy of life insurance shall hereafter be issued or delivered in this state, or be issued by a life insurance company organized under the laws of this state, if it contain any of the following provisions:(1) Limiting the time within which any action at law or in equity may be commenced, to less than three (3) years after the cause of action shall accrue.(2) By which the policy shall purport to be issued or to take effect more than six (6) months before the original application for insurance was made.(3) That in the event of the maturity of any policy after the expiration of the contestable period thereof, for any mode of settlement at maturity of less value according to the company's published rates therefor then in use, than the amount insured under the policy, plus dividend additions, if any, less any indebtedness to the company on account of or secured by the policy and less any premium that may, by the terms of the policy, be deducted.(4) For the forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on such loan while the total indebtedness on the policy is less than the loan value thereof; or any provision for forfeiture for failure to repay any such loan or to pay interest thereon, unless such provision contain a stipulation that no such forfeiture shall occur until at least thirty (30) days after notice shall have been mailed by the company to the last-known address of the insured and to the assignee, if any, if such assignee has notified the company of his address.(5) Which contains any clause promising to the holder of such policy any special dividend or benefit to be derived from any other policy; nor shall any company organized under the laws of this state issue in connection with any policy any separate paper or contract promising any such special dividend or benefit; nor shall any company be admitted to do business in this state that issues policies which contain any such clause, or which issues in connection with any policy any separate paper or contract promising any such dividend or benefit.Formerly: Acts 1935, c.162, s.152.
IN Code § 27-1-12-10.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-10.5. Rules for Minimum Standards for Establishment of Reserves

Sec. 10.5. The department shall adopt rules under IC 4-22-2 to prescribe minimum standards for the establishment of reserves as specified in the Valuation Manual for insurers writing Class 1(a), Class 1(b), and Class 1(c) lines of business.As added by P.L.130-1994, SEC.19 and P.L.116-1994, SEC.24. Amended by P.L.124-2018, SEC.17.
IN Code § 27-1-12-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-12. Transition Period; Selection of Date; Effect

Sec. 12. The period beginning July 1, 1943, and ending January 1, 1948, both dates inclusive, shall be a transition period between the nonforfeiture provisions set forth respectively in sections 5, 6, and 7 of this chapter and between the valuation provisions set forth respectively in IC 27-1-12.8-18 and IC 27-1-12.8-19 through IC 27-1-12.8-40. Accordingly, a company may, by means of a writing filed with the department, select a transition date within such period, but should a company fail to make such a selection, the transition date as to such company shall be January 1, 1948. Except as otherwise provided in IC 27-1-12.8, for group annuities and pure endowments, policies issued prior to the transition date shall be governed in all respects and at all times by section 5 of this chapter and IC 27-1-12.8-18, and policies issued on or after such transition date shall be governed in all respects and at all times by sections 6 and 7 of this chapter and IC 27-1-12.8. A company's election of a transition date shall be irrevocable and shall apply to sections 6 and 7 of this chapter and IC 27-1-12.8 without exception, as well as to that portion of section 31 of this chapter which relates to policies bearing a date of issue later than such transition date.Formerly: Acts 1935, c.162, s.153C; Acts 1943, c.189, s.7; Acts 1973, P.L.273, SEC.3; Acts 1974, P.L.1, SEC.12. As amended by P.L.252-1985, SEC.63; P.L.276-2013, SEC.8.
IN Code § 27-1-12-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-13. Filing Form of Policy With Department; Objections; Effect on Right to Issue

Sec. 13. A policy of life insurance shall not be issued or delivered in this state until the form of the same has been filed with the department, nor if the department give written notice within thirty (30) days of such filing, to the company proposing to issue it showing wherein the form of such policy does not comply with the requirements of the laws of this state.Formerly: Acts 1935, c.162, s.154.
IN Code § 27-1-12-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-15. Competency of Certain Minors to Contract for Insurance and Receive Payments

Sec. 15. (a) Any person who is not of the full age of Eighteen (18) years but who is of the age, as determined by the nearest birthday, of not less than sixteen (16) years, shall be deemed competent to contract for life, accident and sickness insurance or annuities upon the life of such minor for the benefit of such minor or for the benefit of the father, mother, husband, wife, brother or sister, child or children, or any grandparent of such minor, and to exercise and enjoy every right, privilege and benefit provided by any such contracts on the life of such minor, subject to the foregoing limitations as to the designation of beneficiary.(b) No person who shall have attained the age of eighteen (18) years is incompetent because of age to contract for any of the kinds of insurance described in Class 1 of IC 27-1-5-1, or to exercise and enjoy every right, privilege and benefit provided by any such Contract.(c) No person who shall have attained the age of eighteen (18) years is incompetent because of age to receive and to give full acquittance and discharge for payments made to such person by a life insurance company under the provisions of a contract of insurance of any of the kinds described in Class 1 of IC 27-1-5-1, or under the provisions of a settlement agreement executed in connection with any such contract of insurance.Formerly: Acts 1935, c.162, s.155a; Acts 1961, c.203, s.1; Acts 1971, P.L.383, SEC.1; Acts 1973, P.L.275, SEC.1. As amended by P.L.86-2018, SEC.203.
IN Code § 27-1-12-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-17. Authority of Corporation to Insure Life of Director, Officers, Agent, or Employee; Consent to Change of Beneficiary

Sec. 17. Any corporation organized under the laws of this state may, when authorized by its board of directors, or its executive committee, cause to be insured, for its benefit, the life of any of its directors, officers, agents or employees, and to pay the premiums for such insurance; and may continue to pay such premiums after the insured shall cease to be such a director, officer, agent or employee of such corporation.Due authority for such corporation to effect, assign, release, convert, surrender, or take any other action with reference to such insurance, shall be sufficiently evidenced to the insurance company by a certificate to that effect by the secretary, or other corresponding officer of such corporation under its corporate seal. Any such certificate shall protect the insurance company for any act done or suffered by it upon the faith thereof, without further inquiry into the validity of the corporate authority or the regularity of the corporate proceedings. The beneficiary in such a policy shall not be changed except with the consent of such corporation, beneficiary, effecting such insurance.No person shall, by reason of interest in the subject matter, be disqualified from acting as a director, or as a member of the executive committee of such corporation on any corporate act touching such insurance.Formerly: Acts 1935, c.162, s.156.
IN Code § 27-1-12-17.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-17.1. Acquisition of Insurable Interest in and Policy on Life of Employee

Sec. 17.1. (a) As used in this section, "employee" includes a director, an officer, a partner, a manager, a nonmanagement employee, and a retired employee of the employer or the employer's affiliates.(b) As used in this section, "employer" means an individual, a corporation, a partnership, a limited liability company, and any other legal entity that has at least one (1) employee and is legally doing business in Indiana. The term includes an association of employers and the employer's affiliates.(c) An employer that provides life insurance, health insurance, disability insurance, retirement benefits, or similar benefits to an employee of the employer has an insurable interest in the life of the employee. The trustee of a trust established by an employer for the benefit of the employer has the same insurable interest as the employer in the life of an employee. The trustee of a trust established by an employer that provides life insurance, health insurance, disability insurance, retirement benefits, or similar benefits to an employee of the employer and acts in a fiduciary capacity with respect to that employee or the employee's dependents or beneficiaries has an insurable interest in the life of the employee for whom benefits are to be provided.(d) An employer or the trustee of a trust established by the employer may acquire insurance upon an employee in whom the employer or the trustee of the trust has an insurable interest as determined under subsection (c) if the employee consents to be insured. An employee consents to be insured if the employee is provided written notice of the insurance coverage and does not object to the insurance coverage within thirty (30) days of receipt of the notice.(e) An insurable interest must exist at the time the contract of life or disability insurance becomes effective, but need not exist at the time the loss occurs.(f) Proceeds of a policy issued under this section are exempt from the claims of the employee's creditors or dependents.As added by P.L.254-1995, SEC.1.
IN Code § 27-1-12-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-18. Contract to Extend Time for Premium Payments

Sec. 18. A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon condition that failure to comply with the terms of such agreement shall lapse the policy as provided in said agreement or in the policy. Subject to such lien as may be created to secure any indebtedness contracted by the insured in consideration of such extension, said agreement shall not impair any right existing under the policy.Formerly: Acts 1935, c.162, s.157.
IN Code § 27-1-12-19 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-19. Ascertainment of Indebtedness Due Upon Policy or Premium Loans; Interest

Sec. 19. In ascertaining the indebtedness due upon policy or premium loans, the interest, if not paid when due, shall be added to the principal of such loans and shall bear interest at the rate specified in the note or loan agreement.Formerly: Acts 1935, c.162, s.158.
IN Code § 27-1-12-20 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-20. Premium Deposits; Maximum; Inclusion in Cash Surrender Value; Disposition; Withdrawal

Sec. 20. No life insurance company shall receive or accept, by virtue of the provisions set forth in any policy or indorsement thereon, any premium deposit in excess of the regular premium then due whenever the total premium deposit together with the policy reserve shall be sufficient as a gross premium to convert the policy into a fully paid policy. The policy or indorsement shall contain a provision that the amount of any premium deposit fund held by the company will be included as a part of the cash surrender value of the policy, a provision providing for the disposition of such fund if it is not sufficient to pay the next premium, and a provision that such fund is not withdrawable except by surrender of the policy, a loan thereon or through the selection of a nonforfeiture value.Formerly: Acts 1935, c.162, s.159.
IN Code § 27-1-12-21 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12. Life Insurance Company Powers and Policy Requirements|27-1-12-21. Power to Hold Proceeds Under Trust or Other Agreement With Policyholder

Sec. 21. Any life insurance company organized under the laws of this state shall have power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as shall have been agreed to in writing by such company and the policyholder. Such insurance company shall not be required to segregate funds so held but may hold them as a part of its general corporate assets.Formerly: Acts 1935, c.162, s.160.