Indiana Code 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:

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

affiliate: means a domestic life insurance company that is a wholly owned subsidiary of the parent of a limited purpose subsidiary. See Indiana Code 27-1-12.1-1
Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
life insurance company: means any company making one or more of the kinds of insurance set out and defined in class 1(a) of IC 27-1-5-1. See Indiana Code 27-1-2-3
risk: means a risk:
Indiana Code 27-1-12.1-5

(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.