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2023 Indiana Code
Title 27. Insurance
Article 1. Department of Insurance
Chapter 12.3. Interest Rates on Insurance Policy Loans
27-1-12.3-4. Loan Value of Policy; Determination; Termination of Policy Due to Increase in Interest Rate
Universal Citation:
IN Code § 27-1-12.3-4 (2023)
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Sec. 4. (a) The loan value of a policy shall be determined in accordance with IC 27-1-12-6(8); however, a policy shall not terminate in a policy year as the sole result of an increase in the interest rate and the failure of the policyholder to pay the amount of interest required by that increase during that policy year. In such event, the insurer shall maintain coverage during that policy year until the time at which the policy would otherwise have terminated if there had been no change during that policy year.
As added by Acts 1981, P.L.240, SEC.1.
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