§ 27-1-12-31 — Authority to issue life or endowment insurance upon group plan; special premium rates; valuation of policies; segregation

Any life insurance company may issue life
or endowment insurance, with or without annuities, upon the group
plan as defined in this chapter, with special rates of premiums less than
the usual rates of premiums for such policies, and may value such
policies on any accepted table of mortality and interest assumption
adopted by the company for that purpose, provided, that in no case
shall such standard be lower than the American Men Table of Mortality
(ultimate) with interest assumption at three and one-half percent (3
1/2%) in the case of policies issued before the transition date selected
by the company pursuant to section 12 of this chapter, nor lower than
the standard prescribed in IC 27-1-12.8 in the case of policies issued
on and after such transition date. All policies of group insurance shall
be segregated by the company into a separate class, the mortality
experience kept separate, and the number of policies, amount of
insurance, reserves, premiums, and payments to policyholders under
the policies, together with the mortality table and interest assumption
adopted by the company shall be reported separately in the company's
annual financial statement.
Formerly: Acts 1935, c.162, s.169; Acts 1943, c.189, s.8. As
amended by P.L.252-1985, SEC.65; P.L.276-2013, SEC.9;
P.L.136-2018, SEC.160.