§ 28-1-11-2.5 — Sale of life insurance policy or annuity contract

Indiana § 28-1-11-2.5

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 11: Powers of Banks and Trust Companies

Text

5. (a) A bank or trust company may act as an
insurance producer for the sale of any life insurance policy or annuity
contract issued by a life insurance company authorized to do business
in any state in which the agent operates.
(b) A bank or trust company that acts as an insurance producer for
the sale of a life insurance policy or an annuity contract in Indiana:
(1) is subject to all requirements of IC 27; and
(2) must comply with the disclosure requirements under IC 27-1-38.
(c) A bank or trust company may not condition:
(1) an extension of credit;
(2) a lease or sale of real or personal property;
(3) the performance of services; or
(4) the amount charged for:
(A) extending credit;
(B) leasing or selling real or personal property; or
(C) performing services;
upon a person's purchase of a life insurance policy or an annuity
contract from the bank or trust company or an affiliate (as defined in IC 28-2-13-3) of the bank or trust company.
(d) This section does not prohibit a bank or trust company from
requiring that a person, as a condition to a transaction, obtain a life
insurance policy from an insurance company acceptable to the bank or
trust company.

Legislative History

As added by P.L.262-1995, SEC.29. Amended by P.L.188-1997, SEC.4; P.L.130-2002, SEC.5; P.L.192-2003, SEC.2; P.L.178-2003, SEC.90.