§ 27-1-12-30 — Group life insurance; assignment of incidents of ownership

No provision of this article or of any other
law shall be construed as prohibiting an insured under a group
insurance policy, pursuant to agreement among the insured, the group
policyholder and the insurer, from making an assignment of all or any
part of the incidents of ownership held by the insured under such
policy, including specifically but not by way of limitation, any right to
designate a beneficiary thereunder and any right to have an individual
policy issued in accordance with provisions (8) and (9) of section 28 of
this chapter. All such assignments, whether made prior to or
subsequent to August 18, 1969, shall be valid for the purpose of vesting
in the assignee thereof all the incidents of ownership so assigned, and
shall entitle the insurer to deal with the assignee as the owner thereof
in accordance with the provisions of said policy, but without prejudice
to the insurer on account of any payment made or individual policy
issued prior to receipt by the insurer of such notice as may be required
by the provisions of the policy.
Formerly: Acts 1935, c.162, s.168.1; Acts 1969, c.327, s.2. As
amended by P.L.252-1985, SEC.64.