Title 27, INSURANCE

Sec. 22. (a) A person may not use a viatical settlement contract form or a disclosure form in Indiana unless the contract form or disclosure form has been filed with and approved by the department. (b) A viatical settlement contract form or disclosure form filed with the departme…

Sec. 23. (a) A viatical settlement provider or viatical settlement broker shall, not later than the date of application, provide to a viator a brochure approved by the commissioner and describing the viatical settlement process. If a brochure describes only a viatical settlement …

Sec. 24. A viatical settlement provider shall obtain the following before entering into a viatical settlement contract: (1) If the viator is the insured, a written statement from a licensed attending physician that the insured is of sound mind and under no constraint or undue inf…

Sec. 24.2. (a) Immediately upon a viatical settlement provider's receipt of a signed viatical settlement contract, the viatical settlement provider shall pay the proceeds of the viatical settlement to a trust or escrow account in a state or federally chartered financial instituti…

Sec. 24.7. Except as otherwise provided by law, a person with actual knowledge of a viator's identity may not disclose that identity to another person unless the disclosure is: (1) necessary to effect a viatical settlement contract and the viator has provided written consent to t…

Sec. 24.8. IC 16-39 applies to the release of an insured's medical records under this chapter. As added by P.L.32-1998, SEC.29.

Sec. 24.9. (a) The viatical settlement provider or viatical settlement broker may contact the insured for the purpose of determining the health status of the insured not more than: (1) one (1) time every three (3) months for an insured with a life expectancy of more than one (1) …

Sec. 25. The department may adopt rules under IC 4-22-2 to establish standards for evaluating the reasonableness of payments under viatical settlement contracts, including regulation of discount rates used to determine the amount paid in exchange for an assignment, a bequest, a d…

Sec. 26. The department may adopt rules under IC 4-22-2 that the department considers necessary to implement this chapter. As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70.

Sec. 3. As used in this chapter, "insured" refers to an individual whose life is the subject of insurance under a life insurance policy or contract. As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.2; P.L.223-2005, SEC.4.

Sec. 4.3. As used in this chapter, "viatical settlement agent" means a person that solicits, offers, or attempts to negotiate a viatical settlement contract with a viator. As added by P.L.32-1998, SEC.3.

Sec. 4.5. As used in this chapter, "viatical settlement broker" means a person that represents a viator and for a fee, commission, or other valuable consideration, solicits, offers, or attempts to negotiate viatical settlements between a viator and one (1) or more viatical settle…

Sec. 5. (a) As used in this chapter, "viatical settlement provider" means a person, other than a viator, that: (1) enters into a viatical settlement contract with a viator; or (2) obtains financing for the purchase, acquisition, transfer, or other assignment of one (1) or more vi…

Sec. 6. As used in this chapter, "viatical settlement contract" means an agreement for the purchase, sale, assignment, transfer, devise, or bequest of a portion of the death benefit or ownership of a life insurance policy or contract for consideration that is less than the expect…

Sec. 6.5. As used in this chapter, "viaticated policy" means a life insurance policy or certificate that has been acquired by a viatical settlement provider under a viatical settlement contract. As added by P.L.32-1998, SEC.7.

Sec. 7. As used in this chapter, "person" means an individual, an association, a corporation, a limited liability corporation, an estate, a partnership, a trust, or any other business or legal entity. As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-19…

Sec. 7.8. (a) As used in this chapter, "stranger originated life insurance" means a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time the life insurance policy is originated, has no insurable interest in the insured. (…

Sec. 8. As used in this chapter, "viator" refers to the owner of a life insurance policy or a certificate holder under a group policy that insures the life of an insured who enters or seeks to enter into a viatical settlement contract. As added by P.L.130-1994, SEC.47 and P.L.116…

Sec. 8.5. The following must be licensed as an insurance producer with a life qualification under IC 27-1-15.6-7: (1) A viatical settlement broker. (2) A person who solicits, offers, or attempts to negotiate a viatical settlement contract with a viator. As added by P.L.32-1998, S…

Sec. 8.6. The following are exempt from the licensing requirement under IC 27-8-19.8-8.5: (1) An accountant, an attorney, or a financial planner retained to represent the viator, and whose compensation is paid directly by or at the direction of the viator. (2) A regularly salarie…

Sec. 8.7. A viatical settlement broker: (1) represents only the viator; and (2) owes a fiduciary duty to the viator to act according to the viator's instructions and in the best interest of the viator; regardless of the manner in which the viatical settlement broker is compensate…

Sec. 9. After December 31, 1998, a person may not act as a viatical settlement provider unless the person holds an unexpired license issued under this chapter. As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.13.

Sec. 9.2. An insurance producer that: (1) is licensed under IC 27-1-15.6; and (2) sells a life insurance policy or contract that, less than two (2) years after the insurance producer sells the policy or contract, is the subject of a viatical settlement contract; shall not accept …

Sec. 1. As used in this chapter, "accident and sickness insurance policy" means an insurance policy that provides at least one (1) of the types of insurance described in IC 27-1-5-1, Classes 1(b), 2(a), 2(b), 2(e), 2(f), and 2(h). As added by P.L.161-2001, SEC.4.

Sec. 2. As used in this chapter, "insurer" means: (1) an insurer that issues: (A) an accident and sickness insurance policy; or (B) a worker's compensation policy; or (2) an employer who has received a certificate from the worker's compensation board to carry the employer's worke…

Sec. 3. As used in this chapter, "provider" has the meaning set forth in IC 27-8-11-1. As added by P.L.161-2001, SEC.4.

Sec. 4. As used in this chapter, "worker's compensation policy" means a policy of insurance issued to an employer under IC 22-3-2-5. As added by P.L.161-2001, SEC.4.

Sec. 5. (a) Not more than ninety (90) days after the date of the version specified in IC 27-1-1.5 of a diagnostic or procedure code described in this subsection: (1) an insurer shall begin using the version specified in IC 27-1-1.5 of the: (A) Current Procedural Terminology (CPT)…

Sec. 1. This chapter applies beginning January 1, 2015. As added by P.L.129-2014, SEC.8.

Sec. 10. (a) Upon the request of the commissioner, and not more than one (1) time per year, an insurer shall submit to the commissioner: (1) an ORSA summary report; or (2) a combination of reports that together contain the information described in the ORSA Manual; applicable to t…

Sec. 11. (a) Except as otherwise provided in this section, an insurer is exempt from the requirements of this chapter if: (1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsure…

Sec. 12. (a) Except as provided in subsection (b), an ORSA summary report must be prepared in a manner consistent with the ORSA guidance manual. Documentation and supporting information must be maintained and made available upon examination or request of the commissioner. (b) The…

Sec. 13. (a) Documents, materials, and other information related to an ORSA, including an ORSA summary report, in the possession of or control of the department that are obtained by, created by, or disclosed to the commissioner or another person under this chapter, are: (1) consi…

Sec. 14. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file an ORSA summary report as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncomp…

Sec. 2. Except as otherwise provided in this chapter, the definitions in IC 27-1-23 apply throughout this chapter. As added by P.L.129-2014, SEC.8.

Sec. 3. As used in this chapter, "insurance group", for purposes of conducting an ORSA, means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1). As added by P.L.129-2014, SEC.8.

Sec. 4. As used in this chapter, "insurer" has the same meaning as set forth in IC 27-1-2-3, except that the term: (1) refers only to domestic insurers (as defined in IC 27-1-36-8); and (2) does not include agencies, authorities, or instrumentalities of the United States, possess…

Sec. 5. As used in this chapter, "ORSA" or "own risk and solvency assessment" means a confidential internal assessment: (1) that is: (A) appropriate to the nature, scale, and complexity of; and (B) conducted by; an insurer or insurance group; and (2) of the: (A) material and rele…

Sec. 7. As used in this chapter, "ORSA summary report" means a confidential, high level summary of an insurer or insurance group's ORSA. As added by P.L.129-2014, SEC.8.

Sec. 8. (a) An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting concerning the insurer's material and relevant risks. (b) If an insurance group of which an insurer is a member maintains a ris…

Sec. 9. Subject to section 11 of this chapter, an: (1) insurer; or (2) insurance group of which an insurer is a member; shall, at any time when significant changes occur to the risk profile of the insurer or insurance group and at least one (1) time per year, conduct an ORSA in a…

Sec. 0.1. The addition of this chapter by P.L.166-2003 applies to an accident and sickness insurance policy that is issued, delivered, amended, or renewed after December 31, 2003. As added by P.L.220-2011, SEC.449.

Sec. 1. (a) As used in this chapter, "accident and sickness insurance policy" means an insurance policy that provides at least one (1) of the types of insurance described in IC 27-1-5-1, Classes 1(b) and 2(a), and is issued on a group basis. (b) The term does not include the foll…

Sec. 2. As used in this chapter, "covered individual" means an individual who is entitled to coverage under an accident and sickness insurance policy. As added by P.L.166-2003, SEC.2.

Sec. 3. As used in this chapter, "inherited metabolic disease" means a disease: (1) caused by inborn errors of amino acid, organic acid, or urea cycle metabolism; and (2) treatable by the dietary restriction of one (1) or more amino acids. As added by P.L.166-2003, SEC.2.…

Sec. 4. As used in this chapter, "medical food" means a formula that is: (1) intended for the dietary treatment of a disease or condition for which nutritional requirements are established by medical evaluation; and (2) formulated to be consumed or administered enterally under th…