Indiana Code 27-1-12.7-10. Regulation; funding agreement not a covered policy; claim for payments; assets in segregated asset account
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Sec. 10. Notwithstanding any other provision of law:
(2) a funding agreement is not considered a covered policy under IC 27-8-8-2.3(d);
(1) the commissioner has the sole authority to regulate the issuance and sale of funding agreements;
Terms Used In Indiana Code 27-1-12.7-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- funding agreement: means an agreement that:
Indiana Code 27-1-12.7-1
(3) a claim for payments under a funding agreement must be treated as a loss claim described in Class 2 of IC 27-9-3-40; and
(4) assets supporting a funding agreement in a segregated asset account under section 8 of this chapter are subject to IC 27-9-3-40.5 and Class 1(c) of IC 27-1-5-1.
As added by P.L.178-2003, SEC.18. Amended by P.L.193-2006, SEC.2; P.L.173-2007, SEC.8; P.L.1-2010, SEC.109.