IC 27-1-15.6-31: Producers not to be named as beneficiaries

Sec. 31. An insurance producer shall not:

(1) be named a beneficiary of;

(2) become an owner of; or

(3) receive a collateral assignment of;

an individual life insurance policy or individual annuity contract unless the insurance producer has an insurable interest in the life of the insured or annuitant. A beneficiary designation, ownership designation, or collateral assignment made in violation of this section is void.