Indiana § 27-1-12.3-3 Variable interest rate loans; duties of insurer

Indiana Statutes

§ 27-1-12.3-3 — Variable interest rate loans; duties of insurer

Indiana § 27-1-12.3-3

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12.3Interest Rates on Insurance Policy Loans

This text of Indiana § 27-1-12.3-3 (Variable interest rate loans; duties of insurer) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-12.3-3 (2026).

Text

With respect to variable interest rate loans under section 2 of this chapter, the insurer shall:

(1)notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan;

(2)notify the policyholder as soon as is reasonably practical after a premium loan is made of the initial rate of interest on the loan, except that notice need not be given the policyholder when a further premium loan is added other than the notice required by subdivision (3) of this section;

(3)send to the policyholder reasonable advance notice of any increase in the loan interest rate; and

(4)include in the notices required by this section, whether the rate is fixed or variable and, if variable, the permitted frequency of change. As added by Acts 1981, P.L.240, SEC.1.

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With respect to variable interest rate loans
under section 2 of this chapter, the insurer shall:
(1) notify the policyholder at the time a cash loan is made of the
initial rate of interest on the loan;
(2) notify the policyholder as soon as is reasonably practical after
a premium loan is made of the initial rate of interest on the loan,
except that notice need not be given the policyholder when a
further premium loan is added other than the notice required by
subdivision (3) of this section;
(3) send to the policyholder reasonable advance notice of any
increase in the loan interest rate; and
(4) include in the notices required by this section, whether the rate
is fixed or variable and, if variable, the permitted frequency of
change.
As added by Acts 1981, P.L.240, SEC.1.