Title 27, INSURANCE

Sec. 22. If it appears to the department from an examination made by it or by an examiner appointed by it, that the assets of any domestic life insurance company are insufficient to justify its continuance in business or that its capital is impaired the department shall notify su…

Sec. 23. Any domestic stock life insurance company may become a mutual life insurance company and to that end may carry out a plan for the acquisition of shares of its capital stock by amending its articles of incorporation and complying with the following requirements: (a) Such …

Sec. 24. No life insurance company doing business in this state shall issue in this state, nor permit its agents, officers, or employees to issue or deliver in this state, agency company stock or other capital stock, or benefit certificates or shares in any common-law corporation…

Sec. 25. No life insurance company doing business in this state, and no officer, director or agent thereof shall make, issue or circulate, or cause to be issued or circulated, any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any policy i…

Sec. 26. A person who knowingly makes any false or fraudulent statement or representation in or with reference to any application for life insurance, or for the purpose of obtaining any fee, commission, money, or benefit from or in any company transacting business under this arti…

Sec. 29. (a) As used in this section, "premium" includes any deposit or contribution. (b) Except as provided in subsection (c), no policy of group insurance nor the proceeds thereof, when paid to any employee or employees, shall be liable to attachment, garnishment, or other proc…

Sec. 3. Any domestic life insurance company shall have power to acquire, hold and convey real estate as described below, and no other: 1. The building in which it has its principal office and the land on which it stands; 2. Such as shall be necessary for the convenient transactio…

Sec. 3.5. Goodwill, trade names, and other like intangible assets attributable to any investment in a subsidiary shall be admitted as assets except: (1) to the extent that the aggregate amount thereof exceeds ten percent (10%) of the capital and surplus of the insurer as reported…

Sec. 30. No provision of this article or of any other law shall be construed as prohibiting an insured under a group insurance policy, pursuant to agreement among the insured, the group policyholder and the insurer, from making an assignment of all or any part of the incidents of…

Sec. 31. Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan as defined in this chapter, with special rates of premiums less than the usual rates of premiums for such policies, and may value such policies on any accepte…

Sec. 32. A domestic life insurance company shall not issue the type of life insurance or annuity contracts defined and sanctioned under Class 1(c) of IC 27-1-5-1 unless, in addition to fulfilling all other qualifications prescribed by law, it possesses assets of not less than twe…

Sec. 33. Variable life insurance policies (contracts providing for immediate or future life insurance benefits as described in Class 1 (c) of IC 27-1-5-1), to the extent that benefits thereunder are on a variable basis, shall contain a statement to that effect in lieu of stipulat…

Sec. 34.1. (a) No policy of wholesale, franchise, or employee life insurance, as defined in this section, shall be issued or delivered in this state unless it conforms to the requirements of this section. (b) Wholesale, franchise, or employee life insurance is defined as a term l…

Sec. 35. (a) Any resident of this state who becomes entitled to receive payment of an obligation in cash under the terms of a policy of individual life insurance issued in this state, including any death benefit riders attached thereto, endowment insurance or an individual annuit…

Sec. 37. Except as provided in section 38 of this chapter, no policy of group life insurance may be delivered in Indiana unless it conforms to one (1) of the following descriptions: (1) A policy issued to an employer or to the trustees of a fund established by an employer (which …

Sec. 38. (a) Group life insurance offered to a resident of Indiana under a group life insurance policy issued to a group other than one described in section 37(1)(A), (2)(A), (3)(A), (4)(A), (5)(A), or (6)(A) of this chapter is subject to the requirements set forth in subsections…

Sec. 39. (a) As used in this section, "direct response solicitation" means a solicitation through a sponsoring or endorsing entity through the mails, telephone, or other mass communications media. (b) As used in this section, "sponsoring or endorsing entity" means an organization…

Sec. 4. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: If purchased at par, at the par value; if purchased above or below par, on the …

Sec. 40. Except for a policy that conforms to the description in section 37(2) of this chapter, a group life insurance policy may be extended to insure the employees or members, or any class or classes of employees or members, against loss due to the death of their spouses and de…

Sec. 41. (a) A policy of group life insurance may not be delivered in Indiana unless it contains in substance: (1) the provisions described in subsection (b); or (2) provisions that, in the opinion of the commissioner, are: (A) more favorable to the persons insured; or (B) at lea…

Sec. 42. (a) If a person who: (1) is insured under a group life insurance policy delivered in Indiana; and (2) is entitled under the terms of the group policy to have an individual policy of life insurance issued without evidence of insurability upon the making of application and…

Sec. 43. (a) As used in this section, "life insurance policy" means: (1) an individual life insurance policy other than a credit life insurance policy; or (2) an individual policy of variable life insurance; that is sold after June 30, 1994. (b) No life insurance policy may be is…

Sec. 44. (a) This section applies to a life insurance policy that is issued after June 30, 2008. (b) Notwithstanding any other law, an insurer shall not, after a life insurance policy has been in force for two (2) years after the life insurance policy's date of issue, allege that…

Sec. 45. (a) The execution of a POST form under IC 16-36-6 does not affect the sale, issuance, or terms of a policy of life insurance. (b) A policy of life insurance is not legally impaired or invalidated by the execution of a POST form, including the withholding or withdrawal of…

Sec. 46. (a) This section applies to a life insurance policy or certificate: (1) that is issued after June 30, 2015; (2) the proceeds of which may be designated for use in the purchase of funeral services or merchandise upon the death of the insured; and (3) the ownership of whic…

Sec. 5. (a) No policy of life insurance, other than industrial insurance, group life insurance, or reinsurance, bearing a date of issue not earlier than July 1, 1935, nor later than a transition date to be selected by the company pursuant to section 12 of this chapter, such trans…

Sec. 6. (a) No policy of life insurance, other than industrial insurance, group life insurance or reinsurance, bearing a date of issue which is the same as or later than a transition date to be selected by the company pursuant to section 12 of this chapter, such transition date i…

Sec. 7. (a) No policy of life insurance, except as stated in subsection (f) of this section, bearing a date of issue which is the same as or later than a transition date to be selected by the company pursuant to section 12 of this chapter, such transition date in no event to be l…

Sec. 8. No policy of life insurance shall hereafter be issued or delivered in this state, or be issued by a life insurance company organized under the laws of this state, if it contain any of the following provisions: (1) Limiting the time within which any action at law or in equ…

Sec. 1. (a) Except as provided in subsection (b), this chapter applies to policies of insurance covering risks to property located in Indiana that take effect or are renewed after June 30, 2001, and that insure loss of or damage to: (1) real property consisting of not more than f…

Sec. 2. (a) As used in this chapter, "aerial image" means an image of a named insured's property captured from an airborne platform. (b) As used in this chapter, "cancellation" refers to a termination of property insurance coverage that occurs during the policy term. (c) As used …

Sec. 3. (a) Notice of cancellation of property insurance coverage by an insurer must: (1) be in writing; (2) be mailed to the named insured at the last known address of the named insured; (3) state the effective date of the cancellation; and (4) upon request of the named insured,…

Sec. 4. (a) Notice of nonrenewal by an insurer must: (1) be in writing; (2) be mailed to the named insured at the last known address of the named insured; (3) state the insurer's intention not to renew the policy upon expiration of the current policy period; (4) upon request of t…

Sec. 5. (a) A written explanation provided under section 3 or 4 of this chapter must be of sufficient clarity and specificity to enable a reasonable lay person to identify the basis for the insurer's decision without further inquiry. (b) If notice is not provided under section 4 …

Sec. 6. After coverage has been in effect for more than sixty (60) days or after the effective date of a renewal policy, a notice of cancellation shall not be issued unless cancellation is based on at least one (1) of the following: (1) Nonpayment of a premium. (2) Discovery of f…

Sec. 6.5. (a) When utilizing aerial images as the sole reason for nonrenewing a policy, an insurer shall do the following: (1) Ensure that the nonrenewal notice sent to the named insured under section 4 of this chapter includes information about how the named insured can request …

Sec. 7. Termination of property insurance coverage by an insurer is prohibited if the termination is based on any of the following: (1) Upon the race, religion, nationality, ethnic group, age, sex, or marital status of the applicant or named insured. (2) Solely upon the lawful oc…

Sec. 9. (a) The following persons are immune from civil liability for any communication giving notice of or specifying the reasons for a termination or for any statement made in connection with an attempt to discover or verify the existence of conditions that would be a reason fo…

Sec. 1. As used in this chapter, "applicant" means: (1) an individual who applies for long term care insurance through an individual insurance policy; or (2) a prospective holder of a certificate issued under a group long term care insurance policy. As added by P.L.275-1987, SEC.…

Sec. 10. (a) As used in this section, "preexisting condition" means the existence of: (1) either: (A) symptoms that would cause an ordinarily prudent person to seek diagnosis, care, or treatment; or (B) a condition for which medical advice or treatment was recommended by, or rece…

Sec. 10.5. (a) As used in this section, "preexisting condition" means a condition for which medical advice or treatment was recommended by or received from a provider of health care services within six (6) months preceding the effective date of coverage of an insured individual. …

Sec. 10.6. (a) A long term care insurance policy may not be delivered or issued for delivery in Indiana if the policy: (1) conditions eligibility for any benefits on a prior hospitalization requirement; (2) conditions eligibility for benefits provided in an institutional care set…

Sec. 11. (a) A long term care insurance policy may not: (1) contain a provision establishing a new waiting period if an existing policy is converted to or replaced by a new form issued by the same insurer, except in the case of an increase in benefits voluntarily selected by the …

Sec. 12. (a) An individual long term care insurance policyholder may return the policy within thirty (30) days of its delivery and have the premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason. (b) Each individual long term care i…

Sec. 13. (a) A person insured under a long term care insurance policy or certificate issued under a direct response solicitation may return the policy or certificate within thirty (30) days of its delivery and have the premium refunded if the insured person is not satisfied for a…

Sec. 14. (a) The insurer shall deliver an outline of the coverage provided by an individual long term care insurance policy to the prospective applicant at the time of initial solicitation through means that prominently direct the attention of the recipient to the document and th…