Introduced Version






SENATE BILL No. 423

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 27-1-12-44.

Synopsis: Life insurance policy claim settlement. Requires a life insurance company to accept a copy of a life insurance policy as evidence of the policy until a claim has been settled. Requires a policy owner to submit the original policy to the life insurance company following the resolution of a claim.

Effective: July 1, 2001.





Bowser




    January 18, 2001, read first time and referred to Committee on Insurance and Financial Institutions.







Introduced

First Regular Session 112th General Assembly (2001)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2000 General Assembly.

SENATE BILL No. 423



    A BILL FOR AN ACT to amend the Indiana Code concerning insurance.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 27-1-12-44 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2001]: Sec. 44. (a) A life insurance company organized under IC 27 shall accept a copy of a life insurance policy as evidence of the policy until:
        (1) a claim on the policy has been settled; and
        (2) the life insurance company has informed the policy owner of any amount reported to the federal Internal Revenue Service.
    (b) The policy owner shall submit the original policy to the life insurance company after the life insurance company settles the claim and provides the information required under subsection (a).