Sec. 20.1. (a) A person shall not issue, solicit, market, or otherwise promote the purchase of a life insurance policy in connection with stranger originated life insurance.

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Terms Used In Indiana Code 27-8-19.8-20.1

  • person: means an individual, an association, a corporation, a limited liability corporation, an estate, a partnership, a trust, or any other business or legal entity. See Indiana Code 27-8-19.8-7
  • stranger originated life insurance: means a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time the life insurance policy is originated, has no insurable interest in the insured. See Indiana Code 27-8-19.8-7.8
     (b) A violation of this section is an unfair and deceptive act or practice in the business of insurance under IC 27-4-1-4.

As added by P.L.112-2008, SEC.4.

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