Ind. Code § 27-2-22-7
Requirements for use of retained asset account
Indiana · Indiana Code Title 27 — Insurance · Status: effective
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- Citation
- Ind. Code § 27-2-22-7, Requirements for use of retained asset account, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1662990
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Full text
Sec. 7. An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:
(1) informs:
(A) the beneficiary;
(B) the legal representative of the beneficiary; or
(C) in the case of a group policy, the policy owner;
of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and
(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.