§ 27-11-6-9 — Filing of copy of certificate with commissioner; contents of certificate

A certificate shall not be delivered or issued for
delivery in Indiana unless a copy of the form has been filed with the
commissioner in the manner provided for like policies issued by life
insurers in Indiana. Every life, accident, health, or disability insurance
certificate and every annuity certificate issued after December 31,
1986, shall meet the standard contract provision requirements not
inconsistent with this chapter for like policies issued by life insurers in
this state, except that a society may provide for a grace period for
payment of premiums of one (1) full month in its certificate. The
certificate shall also contain a provision stating the amount of
premiums that are payable under the certificate and a provision reciting
or setting forth the substance of any sections of the society's laws or
rules in force at the time of issuance of the certificate that, if violated,
will result in the termination or reduction of benefits payable under the
certificate. If the laws of the society provide for expulsion or
suspension of a member, the certificate shall also contain a provision
that any member so expelled or suspended, except for nonpayment of
a premium or within the contestable period for material
misrepresentation in the application for membership or insurance, shall
have the privilege of maintaining the certificate in force by continuing
payment of the required premium.

Legislative History

As added by P.L.262-1985, SEC.1. Amended by P.L.2-1995, SEC.110.