Indiana Code 27-2-22-7. Requirements for use of retained asset account
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Sec. 7. An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:
(A) the beneficiary;
(1) informs:
Terms Used In Indiana Code 27-2-22-7
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- insurer: means an insurance company that issues a policy. See Indiana Code 27-2-22-4
- policy: means a policy or certificate that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-22-5
- retained asset account: means a mechanism through which the settlement of proceeds payable under a policy occurs by the insurer's deposit of the proceeds into a checking or draft account:
Indiana Code 27-2-22-6
(B) the legal representative of the beneficiary; or
(C) in the case of a group policy, the policy owner;
of the beneficiary’s right to a lump sum payment of the full amount of the policy proceeds; and
(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.
As added by P.L.67-2011, SEC.1.