Indiana § 28-6.1-6-14 Soliciting and writing insurance; acting as insurance producer for life
insurance or annuity; prohibitions; authority to purchase and hold life
insurance

Indiana Statutes

§ 28-6.1-6-14 — Soliciting and writing insurance; acting as insurance producer for life insurance or annuity; prohibitions; authority to purchase and hold life insurance

Indiana § 28-6.1-6-14

Art. 6.1SAVINGS BANKS

Ch. 6General Powers of a Savings Bank

This text of Indiana § 28-6.1-6-14 (Soliciting and writing insurance; acting as insurance producer for life insurance or annuity; prohibitions; authority to purchase and hold life insurance) 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 § 28-6.1-6-14 (2026).

Text

(a)A savings bank may solicit and write insurance as an insurance producer or a broker for any insurance company authorized to do business in the state or states where the insurance producer or broker operates.

(b)A savings bank or its affiliate (as defined in IC 28-6.2-1-4) may act as an insurance producer for the sale of any life insurance policy or annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in the state or states where the insurance producer operates.

(c)A savings bank or its affiliate that acts as an insurance producer for the sale of a life insurance policy or an annuity contract under subsection (b):

(1)is subject to all requirements of IC 27 with respect to the insurance producer's activity in Indiana; and

(2)must c

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(a) A savings bank may solicit and write
insurance as an insurance producer or a broker for any insurance
company authorized to do business in the state or states where the
insurance producer or broker operates.
(b) A savings bank or its affiliate (as defined in IC 28-6.2-1-4) may
act as an insurance producer for the sale of any life insurance policy or
annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in the state or states where the
insurance producer operates.
(c) A savings bank or its affiliate that acts as an insurance producer
for the sale of a life insurance policy or an annuity contract under
subsection (b):
(1) is subject to all requirements of IC 27 with respect to the
insurance producer's activity in Indiana; and
(2) must comply with the disclosure requirements under IC 27-1-38.
(d) A savings bank or its affiliate may not condition:
(1) an extension of credit;
(2) a lease or sale of real or personal property;
(3) the performance of a service; 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 savings bank or its affiliate.
(e) This section does not prohibit a savings bank or its affiliate from
requiring that a person, as a condition to a transaction, obtain a life
insurance policy from an insurance company acceptable to the savings
bank or its affiliate.
(f) Subject to any limitations or restrictions that the department or
a federal regulator may impose by regulation, rule, policy, or guidance,
a savings bank may purchase and hold life insurance as follows:
(1) Life insurance purchased or held in connection with employee
compensation or benefit plans approved by the savings bank's
board.
(2) Life insurance purchased or held to recover the cost of
providing preretirement or postretirement employee benefits
approved by the savings bank's board.
(3) Life insurance on the lives of borrowers.
(4) Life insurance held as security for a loan.
(5) Life insurance that a national bank may purchase or hold
under 12 U.S.C. 24 (Seventh).

Legislative History

As added by P.L.42-1993, SEC.72. Amended by P.L.262-1995, SEC.67; P.L.188-1997, SEC.8; P.L.63-2001, SEC.14 and P.L.134-2001, SEC.16; P.L.130-2002, SEC.7; P.L.178-2003, SEC.92; P.L.10-2006, SEC.36 and P.L.57-2006, SEC.36; P.L.27-2012, SEC.84.