§ 27-1-12-38 — Group life insurance; requirements for issuance of policy to certain groups

Indiana § 27-1-12-38

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 12: Life Insurance Company Powers and Policy

Text

(a) Group life insurance offered to a resident
of Indiana under a group life insurance policy issued to a group other
than one described in section 37(1)(A), (2)(A), (3)(A), (4)(A), (5)(A),
or (6)(A) of this chapter is subject to the requirements set forth in
subsections (b) through (e).
(b) A group life insurance policy described in subsection (a) may
not be delivered in Indiana unless the commissioner finds that:
(1) the issuance of the policy is not contrary to the best interest of
the public;
(2) the issuance of the policy would result in economies of
acquisition or administration; and
(3) the benefits of the policy are reasonable in relation to the
premiums charged.
(c) Group life insurance coverage may not be offered in Indiana by
an insurer under a policy that was issued in another state unless Indiana
or another state having requirements substantially similar to those
contained in subsection (b) has made a determination that the policy
meets those requirements.
(d) The premium for a policy described in subsection (a) must be
paid either from the policyholder's funds, from funds contributed by the
covered persons, or from both sources of funds.
(e) An insurer may exclude or limit the coverage under a policy
described in subsection (a) on any person as to whom evidence of
individual insurability is not satisfactory to the insurer.

Legislative History

As added by P.L.254-1985, SEC.2. Amended by P.L.268-1987, SEC.1.