§ 27-2-23-18 — Insurer actions with respect to proceeds; unclaimed property; liability

Indiana § 27-2-23-18

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 2: POWERS AND DUTIES OF INSURERS
• Ch. 23: Unclaimed Life Insurance Benefits

Text

(a) With respect to a policy, an annuity, or
a retained asset account for which an insurer has knowledge of death:
(1) if:
(A) within one (1) year after the insurer has obtained the
knowledge of death, the insurer:
(i) conducts reasonable search efforts; and
(ii) is unable to locate in Indiana a beneficiary under the
policy, annuity, or retained asset account; or
(B) no beneficiary was named and the person, for purposes of
IC 32-34-1.5, had a last known address in Indiana; and
(2) the insurer has, without success, attempted to make the
contacts required by and in accordance with IC 32-34-1.5;
the insurer may, without further notice to or consent by the state, report
and remit the proceeds of the policy, annuity, or retained asset account
to the state on an early reporting basis in accordance with IC 32-34-1.5.
(b) After a report and remittance of proceeds described in
subsection (a), the insurer is relieved and indemnified from any
additional liability in relation to the proceeds, in accordance with IC 32-34-1.5.

Legislative History

As added by P.L.90-2014, SEC.1. Amended by P.L.141-2021, SEC.14.