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Indiana Code Title 28. Financial Institutions § 28-1-11-2.5

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

Sec. 2.5.  (a) A bank or trust company may act as an insurance producer for the sale of any life insurance policy or annuity contract issued by a life insurance company authorized to do business in any state in which the agent operates.

(b) A bank or trust company that acts as an insurance producer for the sale of a life insurance policy or an annuity contract in Indiana:

(1) is subject to all requirements of IC 27;  and

(2) must comply with the disclosure requirements under IC 27-1-38.

(c) A bank or trust company may not condition:

(1) an extension of credit;

(2) a lease or sale of real or personal property;

(3) the performance of services;  or

(4) the amount charged for:

(A) extending credit;

(B) leasing or selling real or personal property;  or

(C) performing services;

upon a person's purchase of a life insurance policy or an annuity contract from the bank or trust company or an affiliate (as defined in IC 28-2-13-3) of the bank or trust company.

(d) This section does not prohibit a bank or trust company from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the bank or trust company.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-1-11-2.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-1-11-2-5/

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