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 § 27-2-22-7

Title 27INSURANCE

Art. 2POWERS AND DUTIES OF INSURERS

Ch. 22Retained Asset Accounts

This text of Indiana § 27-2-22-7 (Requirements for use of retained asset account) 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 § 27-2-22-7 (2026).

Text

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.