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Indiana Code Title 27. Insurance § 27-2-22-7

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

Sec. 7. An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:

(1) informs:

(A) the beneficiary;

(B) the legal representative of the beneficiary;  or

(C) in the case of a group policy, the policy owner;

of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds;  and

(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-2-22-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-2-22-7/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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