An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer:(1) informs:(A) the beneficiary;(B) the legal representative of the beneficiary; or(C) in the case of a group policy, the policy owner;of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and(2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.As added by P.L.67-2011, SEC.1.
Indiana Legal Code