Sec. 16. (a) The benefit of a policy, annuity, or retained asset account, plus accrued interest applicable under the policy, annuity, or retained asset account, is first payable to designated beneficiaries or policy owners, annuity owners, or account owners.

     (b) If beneficiaries or policy owners, annuity owners, or account owners cannot be found, the benefit of the policy, annuity, or retained asset account (not including applicable accrued interest) escheats to the state as unclaimed property under IC 32-34-1.5.

As added by P.L.90-2014, SEC.1. Amended by P.L.141-2021, SEC.13.

Terms Used In Indiana Code 27-2-23-16

  • 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.
  • 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
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • 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
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