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Indiana Statutes, Title 27

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Indiana/Statutes

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Title 27, INSURANCE

344 chapters · 3,652 sections in this title.

All chapters in Title 273,652 Ch 1, Department Created215 Ch 2, Application of Article; Definitions199 Ch 3, General Powers and Duties of the Dep…199 Ch 4, Prohibited Activities106 Ch 6, Formation of Domestic Companies100 Ch 10, Voluntary Dissolution99 Ch 5, Classification of Insurance97 Ch 9, Merger, Consolidation, and Reinsurance97 Ch 8, Procedures for Amending Articles of …96 Ch 12, Life Insurance Company Powers and Po…92 Ch 7, General Corporate Powers and Respons…84 Ch 36, Risk Based Capital Requirements75 Ch 15, Participating Providers; Contracts a…68 Ch 13, Casualty, Fire, and Marine Insurance…66

12 sections·Filtered byTitle 27✕Ch 12.5✕

Ind. Code § 27-1-12.5-0.1 Application of certain amendments to chapter
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Sec. 0.1. The amendments made to sections 2 and 3 of this chapter by P.L.59-2004 apply to an annuity contract issued after June 30, 2004. As added by P.L.220-2011, SEC.422.
Ind. Code § 27-1-12.5-1 "Annuity contract" defined
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Sec. 1. The term "annuity contract" as used in this chapter means: (1) any individual deferred annuity contract; and (2) any group annuity contract delivered or issued in connection with a plan providing individual retirement accounts or individual annuities under Section 408 of …
Ind. Code § 27-1-12.5-10 Life insurance; additional benefits
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Sec. 10. If any annuity contract provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, t…
Ind. Code § 27-1-12.5-11 Rules
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Sec. 11. The commissioner may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.59-2004, SEC.3.

Ind. Code § 27-1-12.5-2 Provisions of contract

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Sec. 2. (a) No annuity contract shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions, which in the opinion of the insurance commissioner are at least as favorable to the contract holder, upon…

Ind. Code § 27-1-12.5-3 Minimum nonforfeiture amounts

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Sec. 3. (a) The minimum values as specified in sections 4, 5, 6, 7, and 9 of this chapter of any paid-up annuity, cash surrender or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section. (b) With respect to…

Ind. Code § 27-1-12.5-4 Paid-up benefits

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Sec. 4. Any paid-up annuity benefit available under any annuity contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality …

Ind. Code § 27-1-12.5-5 Cash surrender benefits

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Sec. 5. If an annuity contract provides cash surrender benefits, the amount of these benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provi…

Ind. Code § 27-1-12.5-6 Paid-up annuity benefit available as nonforfeiture option where no cash surrender benefits

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Sec. 6. If an annuity contract does not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-u…

Ind. Code § 27-1-12.5-7 Maturity date determination

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Sec. 7. For the purpose of determining the benefits calculated under sections 5 and 6, in the case of an annuity contract under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for …

Ind. Code § 27-1-12.5-8 Statement of benefits not provided

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Sec. 8. Any annuity contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that …

Ind. Code § 27-1-12.5-9 Allowance for lapse of time and payment of scheduled considerations

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Sec. 9. Under any annuity contract with fixed scheduled considerations, any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary, shall be calculated with allowance for the lapse of time and the payment of any scheduled c…