2018 Indiana Code
TITLE 27. Insurance
ARTICLE 1. DEPARTMENT OF INSURANCE
CHAPTER 12.3. Interest Rates on Insurance Policy Loans
27-1-12.3-1. Definitions
Sec. 1. As used in this chapter:
(a) "Published monthly average" means:
(1) Moody's corporate bond yield average-monthly average corporates as published by Moody's Investors Service, Inc.; or
(2) in the event that the Moody's corporate bond yield average-monthly average corporates is no longer published, a substantially similar average, established by regulation issued by the insurance commissioner.
(b) "Insurer" means an entity issuing a policy.
(c) "Policy loan" means:
(1) a loan secured by a policy of life insurance under IC 27-1-12-6(a)(8) and IC 27-1-12-19;
(2) any premium loan made under a policy to pay one (1) or more premiums that were not paid to the life insurer as they became due; or
(3) a loan secured by any certificate or annuity contract that provides loans on the security of the certificate or annuity contract.
(d) "Policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer.
(e) "Policy" means:
(1) a life insurance policy;
(2) a certificate issued by a fraternal benefit society; or
(3) an annuity contract;
that provides for policy loans.
(f) "Rate of interest" or "interest rate" means the rate of interest on policy loans, including the rate of interest charged on reinstatement of policy loans for the period during and after any lapse.
As added by Acts 1981, P.L.240, SEC.1. Amended by P.L.124-2018, SEC.19.
