Senate Bill 0505
DIGEST OF SB505 (Updated February 16, 2009 4:30 pm - DI 84)
Trustee duties concerning life insurance. Provides that unless a trust document provides otherwise, a trustee does not have the following duties under the Indiana uniform prudent investor act with respect to the acquisition or retention of any contract of life insurance: (1) a duty to determine whether a contract of insurance is or remains a proper investment; (2) a duty to exercise policy options, including investment options, available under a contract of insurance; or (3) a duty to diversify if a contract of insurance is the sole or a major asset of a trust.
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