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2024 Indiana Code
Title 27. Insurance
Article 8. Life, Accident, and Health
Chapter 19.8. Viatical Settlements
27-8-19.8-24.2. Payment of Proceeds of Settlement to Trust or Escrow Account; Transfer of Proceeds of Settlement to Viator

Universal Citation:
IN Code § 27-8-19.8-24.2 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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Sec. 24.2. (a) Immediately upon a viatical settlement provider's receipt of a signed viatical settlement contract, the viatical settlement provider shall pay the proceeds of the viatical settlement to a trust or escrow account in a state or federally chartered financial institution whose deposits are insured by the Federal Deposit Insurance Corporation. The account shall be managed by a trustee or escrow agent independent of the parties to the contract.

(b) Within two (2) business days after the viatical settlement provider's receipt of the insurer's or group administrator's acknowledgment that ownership of the policy or interest in the certificate has been transferred and the beneficiary has been designated according to the viatical settlement contract, the trustee or escrow agent shall transfer the proceeds to the viator.

As added by P.L.32-1998, SEC.26.

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