IC 27-1-15.6-19: Prearranged funeral insurance

Sec. 19. (a) As used in this section, "prearranged funeral insurance" means insurance that is used to fund any of the following:

(1) A funeral trust under IC 30-2-10 and IC 30-2-13.

(2) Any other arrangement for advance payment of funeral and burial expenses.

(b) A person shall not sell, solicit, or negotiate prearranged funeral insurance unless the person is licensed as either of the following:

(1) An insurance producer with a life qualification under section 7 of this chapter.

(2) A limited lines producer.

(c) A person may be licensed as a limited lines producer to sell only prearranged funeral insurance if the person is:

(1) licensed under IC 25-15-4-3; and

(2) granted a change in status under subsection (d).

(d) If, after a person is licensed under this chapter as an insurance producer with a life qualification, the person wants to limit the person's insurance business solely to the sale of prearranged funeral insurance, the person must:

(1) request the commissioner to issue the person a limited lines producer's license under this chapter; and

(2) show proof of having completed ten (10) hours of continuing education credit approved by the department.

(e) If the commissioner receives a request and proof under subsection (d), the commissioner shall issue a limited lines producer's license, subject to the provisions of this chapter relating to limited lines producer's licenses.

(f) A person issued a limited lines producer's license under subsection (e) may sell only prearranged funeral insurance.