IN SB0327

Requires the Indiana insurance commissioner to develop a free informational brochure explaining life insurance policy owner rights, including definitions of industry terms, alternatives to policy lapse, and descriptions of viatical settlement products

Mandates insurance companies notify policy owners or certificate holders aged 60+ (or those known to be terminally/chronically ill) about viatical settlement contracts as an alternative when they request to surrender a policy, receive accelerated death benefits, or receive a lapse notice

Requires insurers to advise policy owners and certificate holders to consult with a licensed insurance producer or financial adviser before making changes to their life insurance policy status

Prohibits insurers from discriminating in rates against individuals who have entered viatical settlement contracts or are insured under viaticated policies

Prohibits insurers from making false or misleading statements about viatical settlements or premium financing, or from engaging in practices that restrict lawful transfer of ownership, beneficiary changes, or policy assignments