§ 27-1-12-33 — Variable life insurance policies; contents; regulation

Variable life insurance policies (contracts
providing for immediate or future life insurance benefits as described
in Class 1 (c) of IC 27-1-5-1), to the extent that benefits thereunder are
on a variable basis, shall contain a statement to that effect in lieu of
stipulating the dollar amount of benefits. Such policies shall also
contain such grace period, reinstatement, and nonforfeiture provisions,
and shall be subject to the establishment of such reserve liabilities, in
accordance with actuarial procedures that recognize the variable nature
of benefits provided and any mortality guarantees, as the commissioner
shall by regulation prescribe. Upon promulgation of such regulation,
variable life insurance policies shall not thereafter be subject to the
grace period, nonforfeiture, policy loan, reinstatement, and valuation
provisions of the Indiana Insurance Law applicable to or required to be
contained in other policies of life insurance. Such regulation shall
establish such other requirements with respect to variable life insurance
policies, variable life insurance, or any matter incidental thereto, as the
commissioner deems to be in the public interest.
Formerly: Acts 1973, P.L.276, SEC.1. As amended by
P.L.86-2018, SEC.204.