Go to Previous Versions of this Section
  1. 2024 Indiana Code (here)
  2. 2023 Indiana Code
  3. 2022 Indiana Code
  4. View All Versions

2024 Indiana Code
Title 27. Insurance
Article 8. Life, Accident, and Health
Chapter 19.8. Viatical Settlements
27-8-19.8-7.8. "Stranger Originated Life Insurance" Defined

Universal Citation:
IN Code § 27-8-19.8-7.8 (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.
Previous Next

Sec. 7.8. (a) As used in this chapter, "stranger originated life insurance" means a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time the life insurance policy is originated, has no insurable interest in the insured.

(b) The term includes the following:

(1) An arrangement under which, at the time of life insurance policy inception:

(A) a life insurance policy is purchased with resources or guarantees from or through a person that is not legally permitted to initiate the life insurance policy; and

(B) a written or verbal arrangement or agreement is made to transfer the ownership of the life insurance policy or policy benefits to a third party.

(2) A trust that is:

(A) created to give an appearance of the existence of an insurable interest; and

(B) used to initiate a life insurance policy for an investor.

As added by P.L.112-2008, SEC.3.

Previous Next
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.