Section 27-8-8-2.1 - Policy, contract, rider descriptions; plan sponsor; residency(a) For purposes of this chapter: (1) a policy or contract issued on a blanket basis is a group policy or group contract;(2) each individual insured under a policy or contract issued on a blanket basis is a certificate holder under the policy or contract; and(3) a policy or contract issued on a franchise plan to members of a qualified group is a nongroup policy or nongroup contract.(b) For purposes of this chapter, a benefit plan may have only one (1) plan sponsor.(c) For purposes of this chapter, an individual who, on the applicable coverage date: (1) is a citizen of the United States; and(2) resides in a: (B) United States possession, territory, or protectorate; that does not have an association similar to the association created by this chapter;
is considered to be a resident of the state of domicile of the insurer that issued the policies or contracts.
(d) For purposes of this chapter, benefits provided under a long term care insurance rider to: (1) a life insurance policy; or(2) an annuity contract; are considered to be the same kind of benefits as the benefits under the life insurance policy or annuity contract to which the rider benefits relate.
Amended by P.L. 208-2018,SEC. 13, eff. 7/1/2018.Amended by P.L. 276-2013, SEC. 32, eff. 7/1/2013.As added by P.L. 193-2006, SEC.10.