§ 27-8-8-2.1 — Policy, contract, rider descriptions; plan sponsor; residency

Indiana § 27-8-8-2.1

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 8: Indiana Life and Health Insurance Guaranty Association

Text

1. (a) For purposes of this chapter:
(1) a policy or contract issued on a blanket basis is a group policy
or group contract;
(2) each individual insured under a policy or contract issued on a
blanket basis is a certificate holder under the policy or contract;
and
(3) a policy or contract issued on a franchise plan to members of
a qualified group is a nongroup policy or nongroup contract.
(b) For purposes of this chapter, a benefit plan may have only one
(1) plan sponsor.
(c) For purposes of this chapter, an individual who, on the
applicable coverage date:
(1) is a citizen of the United States; and
(2) resides in a:
(A) foreign country; or
(B) United States possession, territory, or protectorate;
that does not have an association similar to the association created
by this chapter;
is considered to be a resident of the state of domicile of the insurer that
issued the policies or contracts.
(d) For purposes of this chapter, benefits provided under a long term
care insurance rider to:
(1) a life insurance policy; or
(2) an annuity contract;
are considered to be the same kind of benefits as the benefits under the
life insurance policy or annuity contract to which the rider benefits
relate.

Legislative History

As added by P.L.193-2006, SEC.10. Amended by P.L.276-2013, SEC.32; P.L.208-2018, SEC.13.