Nebraska Department of Insurance March 18, 2011 Retained Asset Account Bulletin - Colodny Fass

Nebraska Department of Insurance March 18, 2011 Retained Asset Account Bulletin

Date Published: 03-30-2011

 

The Nebraska Department of Insurance issued a bulletin on March 18, 2011 designed to establish disclosure standards on 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.

The bulletin is attached for review.