Indiana Senate Bill 291 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 11 2023 - 25% progression, died in committee
Action: 2023-01-11 - First reading: referred to Committee on Insurance and Financial Institutions
Pending: Senate Insurance & Financial Institutions Committee
Text: Latest bill text (Introduced) [PDF]

Life insurance matters. Provides that, after a life insurance policy is issued, the insurer that issued the policy shall not materially change: (1) the method of calculating the cash surrender value of the policy; or (2) any other regulated benefit of the policy; in a manner that was not specified in the policy when the policy was issued. Requires the insurance commissioner: (1) to disapprove an endorsement filed by the insurer that issued a life insurance policy if the endorsement would modify the method of calculating the cash surrender value of the policy; and (2) to rescind any approval of an endorsement allowing the modification of the method of calculating a life insurance policy's cash surrender that was granted before July 1, 2023, as having been inconsistent with law at the time the endorsement was granted. Allows an insurer to require an individual applying for a life insurance policy to provide any information known to the individual that is pertinent to the longevity risk posed by the individual, including information resulting from genetic testing or screening regarding the individual's susceptibility to future health conditions. However, provides that: (1) a life insurance policy shall not be underwritten on the basis of a requirement that the applicant or insured individual undergo genetic testing or screening; and (2) the issuance of a life insurance policy shall not be conditioned on the requirement that the applicant or insured individual undergo genetic testing or screening.

Life insurance matters.

Sen. Travis Holdman [R]

Date	Chamber	Action
2023-01-11	Senate	First reading: referred to Committee on Insurance and Financial Institutions
2023-01-11	Senate	Authored by Senator Holdman

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/senate/291/details
Text	https://iga.in.gov/legislative/2023/bills/senate/291/#1.INTR