IC 27-2-22-7: Requirements for use of retained asset account

Sec. 7. An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:

(1) informs:

(A) the beneficiary;

(B) the legal representative of the beneficiary; or

(C) in the case of a group policy, the policy owner;

of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and

(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.