Sec. 12. An insurer shall, not later than ninety (90) days after learning of the possible death of a person through a comparison performed under section 11 of this chapter, do the following:

(1) Complete and document a good faith effort to confirm the death of the person against other available records and information.

Terms Used In Indiana Code 27-2-23-12

  • annuity: refers to an annuity contract issued in Indiana after June 30, 2015. See Indiana Code 27-2-23-4
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • person: refers to an insured, annuity owner, annuitant, or a retained asset account owner. See Indiana Code 27-2-23-8
  • policy: means a policy or certificate issued in Indiana after June 30, 2015, that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-23-9
  • retained asset account: refers to a retained asset account that is issued in Indiana after June 30, 2015. See Indiana Code 27-2-23-10.2
(2) Review the insurer’s records to determine whether the person had purchased any other products from the insurer.

(3) Determine whether benefits may be due under a policy, annuity, or retained asset account.

(4) If the beneficiary or authorized representative under a policy, annuity, or retained asset account has not communicated with the insurer before the expiration of the ninety (90) day period, complete and document a good faith effort to locate and contact the beneficiary or authorized representative, including sending to the beneficiary or authorized representative information concerning the:

(A) insurer’s claim process; and

(B) need to provide a certified original or copy of the death certificate, if applicable under the policy, annuity, or retained asset account.

As added by P.L.90-2014, SEC.1.