Section 760 IAC 1-61-11 - Insurance company practicesAuthority: IC 27-8-19.8-26
Affected: IC 27-8-19.8
Sec. 11.
(a) Life insurance companies authorized to do business in Indiana shall respond to a request for verification of coverage from a viatical settlement provider, agent, or broker within thirty (30) calendar days of the date a request is received, subject to the following conditions: (1) A current authorization consistent with applicable law, signed by the policy owner or certificate holder, accompanies the request.(2) In the case of an individual policy, submission of a form substantially similar to the standardized viatical settlement verification of coverage for individual policies set forth in section 12(a) of this rule, which has been completed by the viatical settlement provider, broker, or agent.(3) In the case of group insurance coverage, submission of a form substantially similar to the standardized viatical settlement verification of coverage for group policies set forth in section 12(b) of this rule, which has been completed by the following: (A) The viatical settlement provider, broker, or agent.(B) The group policyholder, to the extent the information is available to the policyholder.(b) A life insurance company and a viatical settlement provider, broker, or agent may use a verification of coverage form different from the form set forth in section 12(a) or 12(b) of this rule if the alternative form has been mutually agreed upon in writing prior to the submission of the request for verification of coverage.(c) A life insurance company may not charge a fee for responding to a request for verification of coverage from a viatical settlement provider, broker, or agent in compliance with this section in excess of any usual and customary charges to policyholders, certificate holders, or insureds for similar services.(d) A life insurance company may send an acknowledgment of receipt of a request for verification of coverage to the policyholder or certificate holder and, where the policyholder or certificate holder is other than the insured, to the insured. The acknowledgment may contain a general description of any accelerated death benefit that is available under a provision of or rider to the life insurance contract.Department of Insurance; 760 IAC 1-61-11; filed Oct 20, 1999, 10:23 a.m.: 23 IR 583; errata filed Dec 9, 1999, 1:05 p.m.: 23 IR 814; readopted filed Nov 7, 2005, 10:50 a.m.: 29 IR 896; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFAReadopted filed 11/6/2017, 1:06 p.m.: 20171206-IR-760170354RFAReadopted filed 11/13/2023, 10:12 a.m.: 20231213-IR-760230631RFA