Sec. 38. (a) Group life insurance offered to a resident of Indiana under a group life insurance policy issued to a group other than one described in section 37(1)(A), (2)(A), (3)(A), (4)(A), (5)(A), or (6)(A) of this chapter is subject to the requirements set forth in subsections (b) through (e).
(b) A group life insurance policy described in subsection (a) may not be delivered in Indiana unless the commissioner finds that:
(1) the issuance of the policy is not contrary to the best interest of the public;
(2) the issuance of the policy would result in economies of acquisition or administration; and
(3) the benefits of the policy are reasonable in relation to the premiums charged.
(c) Group life insurance coverage may not be offered in Indiana by an insurer under a policy that was issued in another state unless Indiana or another state having requirements substantially similar to those contained in subsection (b) has made a determination that the policy meets those requirements.
(d) The premium for a policy described in subsection (a) must be paid either from the policyholder's funds, from funds contributed by the covered persons, or from both sources of funds.
(e) An insurer may exclude or limit the coverage under a policy described in subsection (a) on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
As added by P.L.254-1985, SEC.2. Amended by P.L.268-1987, SEC.1.
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