Title 27, INSURANCE

Sec. 15. (a) The commissioner may adopt rules under IC 4-22-2 to implement this chapter. (b) The rules adopted under subsection (a) may specify the following concerning limited purpose subsidiaries: (1) Requirements for reserves, including actuarial certification. (2) Requirement…

Sec. 2. As used in this chapter, "limited purpose subsidiary" means a subsidiary life insurance company that is organized under this chapter. As added by P.L.11-2011, SEC.7.

Sec. 3. As used in this chapter, "organizing domestic life insurance company" refers to a life insurance company that organizes a limited purpose subsidiary under this chapter. As added by P.L.11-2011, SEC.7.

Sec. 4. As used in this chapter, "parent" means a person that through at least one (1) intermediary wholly owns a limited purpose subsidiary. As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.1.

Sec. 5. As used in this chapter, "risk" means a risk: (1) that is associated with a life insurance policy that is: (A) written by a ceding domestic life insurance company; or (B) assumed by a ceding domestic life insurance company from an affiliate; and (2) for which a ceding dom…

Sec. 6. A domestic life insurance company that is authorized to engage in the business of insurance in Indiana may organize a limited purpose subsidiary under this chapter. As added by P.L.11-2011, SEC.7.

Sec. 7. Before assuming risk under a reinsurance contract, a limited purpose subsidiary must do all of the following: (1) Comply with IC 27-1-6. (2) File with the commissioner an affidavit, signed by the limited purpose subsidiary's president, vice president, treasurer, or chief …

Sec. 8. (a) The commissioner may issue a certificate of authority to a limited purpose subsidiary upon a finding by the commissioner of all of the following: (1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary. (2) That the te…

Sec. 9. A limited purpose subsidiary that is granted a certificate of authority by the commissioner under this chapter: (1) is authorized to engage in the business of reinsurance for purposes of IC 27-6-10.1 only for the lines of insurance for which the: (A) organizing domestic l…

Sec. 1. As used in this chapter: (a) "Published monthly average" means: (1) Moody's corporate bond yield average-monthly average corporates as published by Moody's Investors Service, Inc.; or (2) in the event that the Moody's corporate bond yield average-monthly average corporate…

Sec. 2. Policies issued after August 31, 1983, must contain a provision for policy loan interest rates permitting: (1) a maximum interest rate of not more than eight percent (8%) per year; or (2) an adjustable interest rate established from time to time as follows: (A) The maximu…

Sec. 3. With respect to variable interest rate loans under section 2 of this chapter, the insurer shall: (1) notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan; (2) notify the policyholder as soon as is reasonably practical after a…

Sec. 4. (a) The loan value of a policy shall be determined in accordance with IC 27-1-12-6(8); however, a policy shall not terminate in a policy year as the sole result of an increase in the interest rate and the failure of the policyholder to pay the amount of interest required …

Sec. 5. No statute other than this chapter applies to policy loan interest rates, except to the extent that a statute enacted after the 1981 regular session of the Indiana general assembly specifically provides otherwise. As added by Acts 1981, P.L.240, SEC.1.

Sec. 6. The provisions of this chapter shall not apply to any insurance contract issued before September 1, 1981, unless the policyholder agrees in writing to the applicability of such provisions. As added by Acts 1981, P.L.240, SEC.1.

Sec. 1. As used in this chapter, "Internal Revenue Code" means the Internal Revenue Code of 1986, as in effect on January 1, 1994. As added by P.L.131-1994, SEC.1. Amended by P.L.124-2018, SEC.20.

Sec. 2. An annuity is not subject to regulation by the department under IC 27 if the annuity: (1) is established under a transaction that, for federal income tax purposes, is treated: (A) in part as a charitable contribution under Section 170 of the Internal Revenue Code; and (B)…

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.

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 …

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…

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.

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…

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…

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 …

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…

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…

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 …

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 …

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…

Sec. 1. Each annuity contract, as defined in IC 27-1-12.5, whether in a separate instrument, or in a separate provision in or as a rider to a life insurance policy, shall be subject to the limitations and disclosures set out in this chapter. As added by Acts 1977, P.L.286, SEC.2.

Sec. 2. Each annuity contract shall contain a brief and general statement of the method to be used in calculating the paid-up nonforfeiture benefits available under the contract. As added by Acts 1977, P.L.286, SEC.2.

Sec. 3. Each annuity contract providing for single or fixed scheduled considerations shall contain a table showing the cash surrender value, if any, available under the contract on each contract anniversary date, during the first twenty (20) contract years or during the term of t…

Sec. 4. An annuity contract shall not contain a provision wherein life insurance premium or annuity consideration payments may be automatically made by the company by withdrawing from or placing a loan against annuity nonforfeiture values provided under the contract. As added by …

Sec. 5. Each annuity contract shall contain a provision giving the purchaser an unrestricted right to return the contract to the company or to the insurance producer through whom it was purchased, on or before the tenth day after it is received by the purchaser, such return entit…

Sec. 6. If an annuity contract does not provide a cash surrender benefit or a death benefit prior to the commencement of any annuity payments at least equal to the minimum nonforfeiture amounts provided in IC 27-1-12.5, the company shall, in addition to the disclosures provided i…

Sec. 7. The commissioner is authorized to promulgate rules and regulations to provide disclosure of (1) the pertinent facts concerning annuity contracts to purchasers of these contracts in advertising and sales literature, (2) practices connected with their issuance, and (3) thei…

Sec. 8. An annuity contract shall not be issued or delivered in this state until the form has been filed with the department, and not thereafter if the department within thirty (30) days after this filing gives a written notice to the company setting out the reasons why the form …

Sec. 9. The commissioner may disapprove any individual annuity contract or contracts issued for delivery in Indiana which do not provide a cash surrender value in accordance with IC 27-1-12.5 upon cessation of the payment of considerations under the contract, if in his opinion th…

Sec. 1. As used in this chapter, "funding agreement" means an agreement that: (1) is issued by a life insurance company to a holder; (2) authorizes a life insurance company to accept funds; and (3) provides for an accumulation of the funds for the purpose of making one (1) or mor…

Sec. 10. Notwithstanding any other provision of law: (1) the commissioner has the sole authority to regulate the issuance and sale of funding agreements; (2) a funding agreement is not considered a covered policy under IC 27-8-8-2.3(d); (3) a claim for payments under a funding ag…

Sec. 2. As used in this chapter, "holder" means a person described in section 5 of this chapter that is issued a funding agreement by a life insurance company. As added by P.L.178-2003, SEC.18.

Sec. 3. As used in this chapter, "life insurance company" means a life insurance company authorized to issue a product described in Class 1(c) of IC 27-1-5-1. As added by P.L.178-2003, SEC.18.

Sec. 4. As used in this chapter, "optional modes of settlement" means the manner in which the funding agreement is structured to repay interest and principal to the holder. As added by P.L.178-2003, SEC.18.

Sec. 5. A life insurance company may issue or issue for delivery in Indiana a funding agreement to the following: (1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of an insurance business. (2) A person who uses the funding a…

Sec. 6. The issuance of a funding agreement: (1) constitutes an activity necessary, convenient, or expedient to the business of a life insurance company under IC 27-1-7-2; (2) is not insurance under IC 27-1-5-1; (3) is not a security (as defined in IC 23-19-1-2(28)); and (4) does…

Sec. 7. An amount may not be guaranteed or credited under a funding agreement except: (1) upon reasonable assumptions as to investment income and expenses; and (2) on a basis equitable to all holders of funding agreements of a given class. As added by P.L.178-2003, SEC.18.…