reglab/statecodes huggingface dataset:
2023 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.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 12. Life Insurance Company Powers and Policy Requirements › 27-1-12-9. Repealed

Formerly: Acts 1935, c.162, s.153; Acts 1943, c.189, s.4. As amended by P.L.252-1985, SEC.62. Repealed by P.L.276-2013, SEC.4.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 12. Life Insurance Company Powers and Policy Requirements › 27-1-12-10. Repealed

Formerly: Acts 1935, c.162, s.153A; Acts 1943, c.189, s.5; Acts 1959, c.146, s.3; Acts 1963, c.212, s.2; Acts 1973, P.L.273, SEC.2. As amended by Acts 1979, P.L.250, SEC.2; Acts 1980, P.L.22, SEC.16; Acts 1981, P.L.237, SEC.2; P.L.2-1987, SEC.35; P.L.5-1988, SEC.142; P.L.130-1994, SEC.17; P.L.116-1994, SEC.22. Repealed by P.L.276-2013, SEC.5.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 12. Life Insurance Company Powers and Policy Requirements › 27-1-12-27. Repealed

Formerly: Acts 1935, c.162, s.166; Acts 1943, c.311, s.1; Acts 1945, c.59, s.1; Acts 1953, c.228, s.1; Acts 1957, c.54, s.1; Acts 1969, c.327, s.1; Acts 1974, P.L.122, SEC.1. Repealed by P.L.254-1985, SEC.7.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 12. Life Insurance Company Powers and Policy Requirements › 27-1-12-34. Repealed

Repealed, as added by Acts 1977, P.L.284, SEC.1, by Acts 1978, P.L.8, SEC.16. Repealed, as added by Acts 1977, P.L.285, SEC.1, by Acts 1982, P.L.6, SEC.18.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.