§ 27-8-8-3 — Creation of association; membership; accounts; supervision

Indiana § 27-8-8-3

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

Text

(a) There is created a nonprofit legal entity
referred to as the Indiana Life and Health Insurance Guaranty
Association. A member insurer shall be and remain a member of the
association as a condition of the member insurer's authority to transact
insurance in Indiana. The association shall perform its functions under
the plan of operation established and approved under section 7 of this
chapter. The association shall exercise its powers through a board of
directors established under section 4 of this chapter. For purposes of
administration and assessment the association shall maintain the
following two (2) accounts:
(1) The health account.
(2) The life insurance and annuity account, which includes the
following subaccounts:
(A) The life insurance subaccount.
(B) The annuity subaccount, which includes annuity contracts
issued to or in connection with a governmental benefit plan
established under Section 401, 403(b), or 457 of the United
States Internal Revenue Code, but otherwise excludes
unallocated annuities.
(C) The unallocated annuity subaccount, which excludes
annuity contracts issued to or in connection with a
governmental benefit plan established under Section 401,
403(b), or 457 of the United States Internal Revenue Code.
(b) The association is under the immediate supervision of the
commissioner and subject to the applicable provisions of the insurance
laws of Indiana.
As added by Acts 1978, P.L.129, SEC.3. Amended by
P.L.130-1994, SEC.43; P.L.116-1994, SEC.61; P.L.193-2006, SEC.12;
P.L.208-2018, SEC.15.