{"data":{"id":"us-in/ic-27-2-22-7","jurisdiction":"us-in","citation":"IC 27-2-22-7","heading":"Requirements for use of retained asset account","body":"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:\n(1) informs:\n(A) the beneficiary;\n(B) the legal representative of the beneficiary; or\n(C) in the case of a group policy, the policy owner;\nof the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and\n(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.","path":["TITLE 27. INSURANCE","ARTICLE 2. POWERS AND DUTIES OF INSURERS","Chapter 22. Retained Asset Accounts"],"source_url":"https://iga.in.gov/ic/2026/Title_27.html#27-2-22-7","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-25T05:39:04Z","sha256":"af76f516b7d9998720d3739e85f47bb987a27a48cfdb7208bfad4b9bc7972f8b","source_id":"us-in","stale":false,"prev":"us-in/ic-27-2-22-6","next":"us-in/ic-27-2-22-8"},"notice":"GroundRules: Original legal text. Not legal advice."}