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IC 27-8-18-2
"Charitable entity" defined
Sec. 2. As used in this chapter, "charitable entity" means an entity
that is exempt from federal taxation under Section 501(c)(3) of the
Internal Revenue Code.
As added by P.L.129-1992, SEC.1.
IC 27-8-18-3
"Life insurance policy" defined
Sec. 3. As used in this chapter, "life insurance policy" means an
insurance policy that provides the type of insurance described in
Class 1(a) of IC 27-1-5-1.
As added by P.L.129-1992, SEC.1.
IC 27-8-18-4
Purchase, ownership, or transfer of ownership; consent; insurable
interest
Sec. 4. (a) A charitable entity may:
(1) purchase;
(2) own; or
(3) be transferred ownership of;
a life insurance policy on the life of an individual if the individual
consents to the charitable entity's purchase or ownership of the
policy.
(b) A charitable entity that purchases or is transferred ownership
of a life insurance policy under subsection (a) has an insurable
interest in the life of the individual who consents to the charitable
entity's purchase or ownership of the policy.
As added by P.L.129-1992, SEC.1.
IC 27-8-18-5
Inquiry into legal status of charitable entity
Sec. 5. A life insurance company that is requested to:
(1) issue a life insurance policy; or
(2) transfer ownership of a life insurance policy;
to an entity that is purported to be a charitable entity has no
obligation to inquire into the legal status of that entity under any law.
As added by P.L.129-1992, SEC.1.