Ind. Code § 27-1-15.6-31

Producers not to be named as beneficiaries

Applied in 1 court decision — leading case Powers v. Powers (2006)

Most recently applied in Powers v. Powers (July 2006)

As added by P.L.132-2001, SEC.3.

Sec. 31. An insurance producer shall not:

(1) be named a beneficiary of;

(2) become an owner of; or

(3) receive a collateral assignment of;

an individual life insurance policy or individual annuity contract unless the insurance producer has an insurable interest in the life of the insured or annuitant. A beneficiary designation, ownership designation, or collateral assignment made in violation of this section is void.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.