Ind. Code § 27-1-12.7-10
This is the official text of Ind. Code § 27-1-12.7-10, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Regulation; funding agreement not a covered policy; claim for payments; assets in segregated asset account
Official statutory text
Sec. 10. Notwithstanding any other provision of law:
(1) the commissioner has the sole authority to regulate the issuance and sale of funding agreements;
(2) a funding agreement is not considered a covered policy under IC 27-8-8-2.3(d);
(3) a claim for payments under a funding agreement must be treated as a loss claim described in Class 2 of IC 27-9-3-40; and
(4) assets supporting a funding agreement in a segregated asset account under section 8 of this chapter are subject to IC 27-9-3-40.5 and Class 1(c) of IC 27-1-5-1.
As added by P.L.178-2003, SEC.18. Amended by P.L.193-2006, SEC.2; P.L.173-2007, SEC.8; P.L.1-2010, SEC.109.
(1) the commissioner has the sole authority to regulate the issuance and sale of funding agreements;
(2) a funding agreement is not considered a covered policy under IC 27-8-8-2.3(d);
(3) a claim for payments under a funding agreement must be treated as a loss claim described in Class 2 of IC 27-9-3-40; and
(4) assets supporting a funding agreement in a segregated asset account under section 8 of this chapter are subject to IC 27-9-3-40.5 and Class 1(c) of IC 27-1-5-1.
As added by P.L.178-2003, SEC.18. Amended by P.L.193-2006, SEC.2; P.L.173-2007, SEC.8; P.L.1-2010, SEC.109.
Status: in_force · Read it on the official government site
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