§ 30-5-5-7 — Insurance transactions

(a) Language conferring general authority with
respect to insurance transactions means the principal authorizes the
attorney in fact to do the following:
(1) Continue, pay the premium or assessment on, modify, rescind,
release, or terminate a contract of life, accident, health, or
disability insurance or for the provision of health care services or
any combination of these contracts procured by or on behalf of the
principal before the granting of the power of attorney that insures
the principal or another person, without regard to whether the
principal is or is not a beneficiary under the contract.
(2) Procure new, different, or additional contracts of life, accident,
health, or disability insurance for the principal or for the provision
of health care services for the principal, and select the amount,
type of insurance, and mode of payment under each contract, pay
the premium or assessment on, modify, release, or terminate a
contract procured by the attorney in fact, and designate the
beneficiary under the contract.
(3) Apply for and receive any available loan on the security of the
contract of insurance, whether for the payment of the premium or
for the procuring of cash, surrender and receive the cash surrender
value, exercise an election as to beneficiary or mode of payment,
change the manner of paying premiums, change or convert the
type of insurance contract, with respect to a contract of life,
accident, health, disability, or liability insurance in which the
principal has, or claims to have, a power described in this
subdivision, or change the beneficiary of the contract of
insurance.
(4) Demand, receive, or obtain by action or proceeding money or
other things of value to which the principal is, may become, or
claims to be entitled to as the proceeds of a contract of insurance
or a transaction permitted under this section, conserve, invest,
disburse, or use anything received for a purpose permitted under
this section, and reimburse the attorney in fact for expenditures
properly made in the execution of powers conferred upon the
attorney in fact.
(5) Apply for and procure available governmental aid in the
guaranteeing or paying of premiums of a contract of insurance on
the life of the principal.
(6) Sell, assign, hypothecate, borrow upon, or pledge the interest
of the principal in a contract of insurance.
(7) Pay from the proceeds or otherwise, compromise, contest, and
apply for refunds in connection with a tax or an assessment levied
by a taxing authority with respect to a contract of insurance, the
proceeds of the refunds, or liability accruing from a tax or an
assessment.
(8) Agree and contract in any manner and on any terms with any
person the attorney in fact selects to accomplish a purpose
permitted under this section and perform, rescind, reform, release,
or modify an agreement or a contract.
(9) Execute, acknowledge, seal, and deliver a consent, a demand,
a request, an application, an agreement, an indemnity, an
authorization, an assignment, a pledge, a notice, a check, a
receipt, a waiver, or other instrument the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(10) Continue, procure, pay the premium or assessment on,
modify, rescind, release, terminate, or otherwise deal with a
contract of insurance, other than those permitted under
subdivision (1) or (2), including fire, marine, burglary,
compensation, liability, hurricane, casualty, or a combination of
insurance, and do acts with respect to the contract or with respect
to the contract's proceeds or enforcement that the attorney in fact
considers necessary or desirable for the promotion or protection
of the interests of the principal.
(11) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving an insurance
transaction or intervene in an action or proceeding relating to a
claim.
(12) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and keep
needed records.
(13) Perform any other acts in connection with procuring,
supervising, managing, modifying, enforcing, and terminating
contracts of insurance or for the provisions of health care services
in which the principal is insured or is otherwise interested.
(b) The powers described in this section are exercisable equally with
respect to a contract of insurance or for the provision of health care
service in which the principal is interested, whether located in Indiana
or in another jurisdiction.

Legislative History

As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005, SEC.49.