Indiana Code 27-8-19.8-25. Standards for evaluation of reasonableness of payments under viatical settlement contract
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 27-8-19.8-25
- Bequest: Property gifted by will.
- department: refers to the department of insurance. See Indiana Code 27-8-19.8-2
- Devise: To gift property by will.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Sec. 25. The department may adopt rules under IC 4-22-2 to establish standards for evaluating the reasonableness of payments under viatical settlement contracts, including regulation of discount rates used to determine the amount paid in exchange for an assignment, a bequest, a devise, a sale, or a transfer of a benefit under a life insurance policy.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.30.