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Indiana Code Title 27. Insurance § 27-1-12.8-12

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

Sec. 12. As used in this chapter, “plan type” refers to the following:

(1) “Plan Type A” means a plan type for which a contractholder:

(A) may not withdraw funds;  or

(B) at any time may withdraw funds only:

(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;

(ii) without an adjustment, but with installments over at least five (5) years;  or

(iii) as an immediate life annuity.

(2) “Plan Type B” means a plan type for which:

(A) before expiration of the interest rate guarantee, a contractholder may not withdraw funds, or may withdraw funds only:

(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;  or

(ii) without an adjustment, but in installments over at least five (5) years;  and

(B) at the expiration of the interest rate guarantee, funds may be withdrawn without an adjustment in a single sum or installments over less than five (5) years.

(3) “Plan Type C” means a plan type for which a contractholder may withdraw funds before expiration of the interest rate guarantee in a single sum or installments over less than five (5) years:

(A) without adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;  or

(B) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-12.8-12 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-12-8-12/

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