Indiana § 27-1-12.6-5 Right to return contracts

Indiana Statutes

§ 27-1-12.6-5 — Right to return contracts

Indiana § 27-1-12.6-5

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12.6General Provisions of Annuity Contracts

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Bluebook

Ind. Code § 27-1-12.6-5 (2026).

Text

Each annuity contract shall contain a
provision giving the purchaser an unrestricted right to return the
contract to the company or to the insurance producer through whom it
was purchased, on or before the tenth day after it is received by the
purchaser, such return entitling the purchaser to a return of the value
of a variable annuity account or the monies paid by the purchaser to a
fixed account in connection with the issuance of the contract. This
provision shall be conspicuously placed on the face of the contract.
This provision does not apply to contracts issued in connection with a
pension, annuity, or profit-sharing plan qualified or exempt under
Sections 401, 403, 404, or 501 of the Internal Revenue Code, if
participation in the plan is a condition of employment.
As added by Acts 1

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Each annuity contract shall contain a
provision giving the purchaser an unrestricted right to return the
contract to the company or to the insurance producer through whom it
was purchased, on or before the tenth day after it is received by the
purchaser, such return entitling the purchaser to a return of the value
of a variable annuity account or the monies paid by the purchaser to a
fixed account in connection with the issuance of the contract. This
provision shall be conspicuously placed on the face of the contract.
This provision does not apply to contracts issued in connection with a
pension, annuity, or profit-sharing plan qualified or exempt under
Sections 401, 403, 404, or 501 of the Internal Revenue Code, if
participation in the plan is a condition of employment.
As added by Acts 1977, P.L.286, SEC.2. Amended by
P.L.2-1987, SEC.37; P.L.116-1994, SEC.26; P.L.178-2003,
SEC.17.