Sec. 16. (a) The benefit of a policy, annuity, or retained asset account, plus accrued interest applicable under the policy, annuity, or retained asset account, is first payable to designated beneficiaries or policy owners, annuity owners, or account owners.
(b) If beneficiaries or policy owners, annuity owners, or account owners cannot be found, the benefit of the policy, annuity, or retained asset account (not including applicable accrued interest) escheats to the state as unclaimed property under IC 32-34-1.5.
As added by P.L.90-2014, SEC.1. Amended by P.L.141-2021, SEC.13.
Structure Indiana Code
Article 2. Powers and Duties of Insurers
Chapter 23. Unclaimed Life Insurance Benefits
27-2-23-1. Application of Chapter
27-2-23-5. "Death Master File"
27-2-23-6. "Death Master File Match"
27-2-23-7. "Knowledge of Death"
27-2-23-10. "Record Keeping Services"
27-2-23-10.2. "Retained Asset Account"
27-2-23-11. Performance of Death Master File Comparison; Frequency; Death Certificate
27-2-23-12. Insurer Duty Related to Possible Death
27-2-23-14. Disclosure of Personal Information
27-2-23-15. Charges Related to Search
27-2-23-16. Order of Payment; Unclaimed Property
27-2-23-17. Commissioner Accommodations for Insurer Compliance
27-2-23-18. Insurer Actions With Respect to Proceeds; Unclaimed Property; Liability