Sec. 10. (a) A depository institution that solicits, sells, advertises, or offers insurance, a depository institution’s affiliate that solicits, sells, advertises, or offers insurance, or a person that sells, solicits, advertises, or offers insurance on behalf of a depository institution shall obtain from a customer to whom a disclosure is made under section 9 of this chapter a written acknowledgment of receipt of the disclosure:

(1) when the customer receives the disclosure; or

Terms Used In Indiana Code 27-1-38-10

  • affiliate: means a company that controls, is controlled by, or is under common control with another company. See Indiana Code 27-1-38-1
  • depository institution: means a depository financial institution (as defined in IC 28-9-2-6). See Indiana Code 27-1-38-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(2) at the time of the initial purchase of the insurance.

     (b) If a solicitation for insurance is conducted by telephone, the depository institution, the affiliate of a depository institution, or the person that sells, solicits, advertises, or offers insurance on behalf of a depository institution shall:

(1) obtain an oral acknowledgment of receipt of the disclosure;

(2) maintain documentation to show that the acknowledgment was given by the customer; and

(3) make reasonable efforts to obtain a written acknowledgment from the customer.

As added by P.L.130-2002, SEC.2.

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