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Indiana Code Title 27. Insurance § 27-1-12.7-5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 5. A life insurance company may issue or issue for delivery in Indiana a funding agreement to the following:

(1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of an insurance business.

(2) A person who uses the funding agreement for the purpose of funding:

(A) benefits under an employee benefit plan (as defined in the federal Employee Retirement Security Act of 1974, 29 U.S.C. 1001 et seq.);

(B) the activities of a nonprofit organization exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code   1 or a similar nonprofit organization domiciled in a foreign country;

(C) a program of:

(i) the United States government;

(ii) a state government;

(iii) a political subdivision;

(iv) a foreign country;  or

(v) an agency or instrumentality of the United States or a state government, a political subdivision, or a foreign country;

(D) an agreement providing for periodic payments in satisfaction of a claim;

(E) a program of an institution with assets exceeding twenty-five million dollars ($25,000,000);

(F) a program in which a business entity, including a trust:

(i) purchases and holds funding agreements;  and

(ii) issues securities by using the funding agreement to finance or collateralize the securities;  or

(G) any program or activity substantially similar to a program or an activity described in clauses (A) through (F) that is first authorized by the commissioner.

1  26 U.S.C.A. § 501(c)(3).
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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-12.7-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-12-7-5/

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