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.
January 18, 2001, read first time and referred to Committee on Insurance and Financial
A BILL FOR AN ACT to amend the Indiana Code concerning
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).