Sec. 18. (a) With respect to a policy, an annuity, or a retained asset account for which an insurer has knowledge of death:

(1) if:

Terms Used In Indiana Code 27-2-23-18

  • 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
  • knowledge of death: means one (1) of the following:

    Indiana Code 27-2-23-7

  • 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
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) within one (1) year after the insurer has obtained the knowledge of death, the insurer:

(i) conducts reasonable search efforts; and

(ii) is unable to locate in Indiana a beneficiary under the policy, annuity, or retained asset account; or

(B) no beneficiary was named and the person, for purposes of IC 32-34-1.5, had a last known address in Indiana; and

(2) the insurer has, without success, attempted to make the contacts required by and in accordance with IC 32-34-1.5;

the insurer may, without further notice to or consent by the state, report and remit the proceeds of the policy, annuity, or retained asset account to the state on an early reporting basis in accordance with IC 32-34-1.5.

     (b) After a report and remittance of proceeds described in subsection (a), the insurer is relieved and indemnified from any additional liability in relation to the proceeds, in accordance with IC 32-34-1.5.

As added by P.L.90-2014, SEC.1. Amended by P.L.141-2021, SEC.14.

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