Title 27
Insurance

Chapter 4.9
Beneficiaries’ Bill of Rights

§ 27-4.9-6. Insurer reporting.

(a) Insurers shall, on an annual basis, report the following information to the insurance commissioner within the department of business regulation:

(1) The number and dollar balance of retained asset accounts in force at the beginning of the year;

(2) The number and dollar amount of retained asset accounts issued/added during the year;

(3) The number and dollar amount of retained asset accounts closed out/withdrawn during the year;

(4) The number and dollar balance of retained asset accounts in force at the end of the year;

(5) The investment earnings or interest credited to retained asset accounts;

(6) Fees and other charges assessed during the year;

(7) A narrative description of how the accounts are structured. The description shall include:

(i) All of the different interest rates paid to retained asset account holders during the reporting year and the number of times changes were made during the reporting year;

(ii) A list of all applicable fees charged by the reporting entity directly or indirectly associated with the retained asset accounts; and

(iii) Whether the retained asset accounts were the default method for satisfying life insurance claims;

(8) The number and balance of retained asset accounts in force at the end of the current year and prior year segregated within “aging categories” of “up to twelve (12) months,” “thirteen (13) to twenty-four (24) months,” “twenty-five (25) to thirty-six (36) months,” “thirty-seven (37) to forty-eight (48) months,” “forty-nine (49) to sixty (60) months,” and over sixty (60) months“;

(9) The identity of any entity or financial institution that administers retained asset accounts on the insurer’s behalf;

(10) The number and amounts of retained asset accounts that are transferred annually to the state unclaimed property funds under abandoned property laws; and

(11) Any other information relating to retained asset accounts as prescribed by the department of business regulation.

(b) An insurer shall immediately return any remaining balance held in a retained asset account to the beneficiary when the account becomes inactive. A retained asset account shall become inactive for purposes of this subsection if no funds are withdrawn from the account, and if no affirmative directive has been provided to the insurer by the beneficiary, during any continuous three (3) year period.

(c) All marketing materials, disclosure statements, and supplemental contract forms utilized in connection with retained asset accounts shall be filed with the state insurance department prior to their use. The commissioner shall disapprove any materials, statements, or forms submitted under this section that are inconsistent with § 27-4.9-5 or are otherwise untrue, deceptive, or misleading.