§ 4-30-15-2 — Investment of funds

Indiana § 4-30-15-2

• Jurisdiction: Indiana
• Art. 30: INDIANA STATE LOTTERY
• Ch. 15: Administrative Trust Fund

Text

Money in the administrative trust fund that the
commission anticipates will be available for the payment of prizes on
a deferred basis may be invested by the treasurer of state in annuities
sold by an insurance company licensed to do business in Indiana and
with an A.M. Best rating of A+, or a comparable rating by a
comparable rating agency, or in direct United States treasury
obligations. These instruments may have varying maturities with
respect to payment of prizes and may be in book-entry form. If an
annuity is purchased to cover the payment of a prize, the commission
shall administer the annuity, may assign the annuity to the prize
winner, and shall provide the treasurer of state with documentation of
the commission's purchase and assignment. If an annuity is assigned to
a prize winner, the state and the commission, including the
commission's officers and employees, are relieved of any liability to the
prize winner.

Legislative History

As added by P.L.341-1989(ss), SEC.1. Amended by P.L.32-1990, SEC.9.