Sec. 2.5. (a) A domestic life insurance company, which has a segregated account or accounts in relation to contracts to which class 1(c) of IC 27-1-5-1 applies, is governed as to its investment of assets by the investment limitations of section 2 of this chapter with the following exceptions:
(1) the limitations prescribed in paragraph 22 of section 2(b) of this chapter are not applicable to investments in relation to such segregated account or accounts;
(2) investments under paragraph 20 of section 2(b) of this chapter are solely limited to ten percent (10%) of the assets of such segregated account; and
(3) the limitations in sections 2 and 3 of this chapter do not apply with regard to contributions, premiums, or considerations made by holders of pension contracts issued by a domestic life insurance company, which has net assets of at least twenty-five million dollars ($25,000,000) at the end of the preceding calendar year and which has allocated such contributions, premiums, or considerations to a segregated investment account or accounts.
(b) Nothing in section 2 of this chapter or this section prohibits the investment of all assets of a segregated account or accounts in any open-end diversified management company registered under the federal Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
(c) Pension contracts for the purposes of subsection (a)(3) means contracts to which both class 1(c) of IC 27-1-5-1 applies and which are issued in connection with a plan or other arrangement described in section 3(a)(2) of the Securities Act of 1933, (15 U.S.C. 77c(a)(2)). The term also includes agreements reinsuring other insurers' contracts which were issued in connection with plans or other arrangements described in 15 U.S.C. 77c(a)(2).
As added by Acts 1981, P.L.236, SEC.2. Amended by P.L.186-1997, SEC.4.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 12. Life Insurance Company Powers and Policy Requirements
27-1-12-0.1. Application of Certain Amendments to Chapter
27-1-12-1. Particular Rights, Privileges, and Powers
27-1-12-2. Investments; Categories, Conditions, Limitations, and Standards
27-1-12-2.2. Derivative Transactions
27-1-12-2.4. Participation in Certain Investment Pools; Requirements for Pooling Agreements
27-1-12-3.5. Intangible Assets Attributable to Investment in Subsidiary; Exceptions
27-1-12-4. Valuation of Bonds and Securities
27-1-12-6. Required Provisions of Policies After Transition Date or January 1, 1948
27-1-12-7. Required Provisions Relating to Defaulting or Surrendering Policyholder
27-1-12-8. Prohibited Provisions
27-1-12-10.5. Rules for Minimum Standards for Establishment of Reserves
27-1-12-12. Transition Period; Selection of Date; Effect
27-1-12-13. Filing Form of Policy With Department; Objections; Effect on Right to Issue
27-1-12-15. Competency of Certain Minors to Contract for Insurance and Receive Payments
27-1-12-16. Proceeds of Life Insurance; Definition; Payment to Trustees
27-1-12-17.1. Acquisition of Insurable Interest in and Policy on Life of Employee
27-1-12-18. Contract to Extend Time for Premium Payments
27-1-12-19. Ascertainment of Indebtedness Due Upon Policy or Premium Loans; Interest
27-1-12-20. Premium Deposits; Maximum; Inclusion in Cash Surrender Value; Disposition; Withdrawal
27-1-12-21. Power to Hold Proceeds Under Trust or Other Agreement With Policyholder
27-1-12-26. Fraudulent Representations; Offense
27-1-12-29. Group Life Insurance; Exemption of Proceeds From Legal Process
27-1-12-30. Group Life Insurance; Assignment of Incidents of Ownership
27-1-12-32. Financial Qualifications of Companies Issuing Certain Contracts
27-1-12-33. Variable Life Insurance Policies; Contents; Regulation
27-1-12-35. Life Insurance Proceeds; Payment; Time Limit; Liability for Interest
27-1-12-37. Group Life Insurance; Eligible Policyholders; Regulations
27-1-12-38. Group Life Insurance; Requirements for Issuance of Policy to Certain Groups
27-1-12-39. Direct Response Solicitations; Notice of Payment of Compensation
27-1-12-40. Group Life Insurance; Premiums; Spouse or Dependent Child Coverage
27-1-12-41. Group Life Insurance; Required Provisions
27-1-12-42. Group Life Insurance; Conversion Rights; Notice; Time to Exercise Rights
27-1-12-43. Life Insurance Provision Allowing for Right to Return Policy
27-1-12-44. Stranger Originated Life Insurance Allegation; Lack of Insurable Interest