Sec. 5. As used in this chapter, “person that sells, solicits, advertises, or offers insurance on behalf of a depository institution” means a person to which one (1) of the following applies:

(1) The person represents to a customer that the sale, solicitation, advertisement, or offer of insurance is by or on behalf of the depository institution.

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Terms Used In Indiana Code 27-1-38-5

  • depository institution: means a depository financial institution (as defined in IC 28-9-2-6). See Indiana Code 27-1-38-3
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(2) The depository institution:

(A) refers a customer to the person; and

(B) has a contractual arrangement with the person to receive commissions or fees on sales of insurance that result from referrals to the person.

(3) Documents that provide evidence of the sale, solicitation, advertisement, or offer of insurance identify or refer to the depository institution.

As added by P.L.130-2002, SEC.2.

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