Indiana § 27-2-22-7 Requirements for use of retained asset account

Indiana Statutes

§ 27-2-22-7 — Requirements for use of retained asset account

Indiana·Title 27 INSURANCE·Art. 2 POWERS AND DUTIES OF INSURERS·Ch. 22 Retained Asset Accounts

An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:

(1)informs:

(A)the beneficiary;

(B)the legal representative of the beneficiary; or

(C)in the case of a group policy, the policy owner; of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and

(2)makes the disclosure described in section 8(c) of this chapter to the beneficiary.

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An insurer may not use a retained asset account
unless, before the policy proceeds are transferred to the retained asset
account, the insurer:
(1) informs:
(A) the beneficiary;
(B) the legal representative of the beneficiary; or
(C) in the case of a group policy, the policy owner;
of the beneficiary's right to a lump sum payment of the full
amount of the policy proceeds; and
(2) makes the disclosure described in section 8(c) of this chapter
to the beneficiary.

Indiana § 27-2-22-7 (Requirements for use of retained asset account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.