Iowa Insurance Commissioner Bulletin: February 8, 2011

(2011) Iowa Insurance Commissioner Bulletin: February 8, 2011. Insurance Division (Commerce)


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The purpose of this bulletin is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a “retained asset account.” “Retained Asset Account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer, pursuant to a supplementary contract not involving annuity benefits. This bulletin does not apply to fraternal benefit societies.

Item Type: Departmental Report
Keywords: Insurance, Worker Compensation
Subjects: Business and industry > Insurance
Business and industry > Insurance > Health insurance and health care coverage > Workers compensation
ID Code: 23467
Deposited By: Margaret Barr
Deposited On: 21 Feb 2017 13:56
Last Modified: 21 Feb 2017 13:56