Rhode Island § 27-4.9-5 § 27-4.9-5. Disclosure requirements.

Rhode Island Statutes

§ 27-4.9-5 — § 27-4.9-5. Disclosure requirements.

Rhode Island § 27-4.9-5

Title 27Insurance

Ch. 27-4.9Beneficiariesâ€™ Bill of Rights

This text of Rhode Island § 27-4.9-5 (§ 27-4.9-5. Disclosure requirements.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-4.9-5 (2026).

Text

§ 27-4.9-5. Disclosure requirements.
(a) A complete listing and clear explanation of all of the life insurance proceeds payment
            options available to the beneficiary in written or electronic format shall accompany
            the tender of other than a lump sum payment of a life insurance death benefit.
         
(b) The use of a retained asset account shall require in the description and explanation
            pursuant to subsection (a) herein the following:
         
(1) The recommendation to consult a tax, investment, or other financial advisor regarding
            tax liability and investment options;
         
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§ 27-4.9-5. Disclosure requirements.

(a) A complete listing and clear explanation of all of the life insurance proceeds payment options available to the beneficiary in written or electronic format shall accompany the tender of other than a lump sum payment of a life insurance death benefit.

(b) The use of a retained asset account shall require in the description and explanation pursuant to subsection (a) herein the following:

(1) The recommendation to consult a tax, investment, or other financial advisor regarding tax liability and investment options;

(2) The initial interest rate, when and how interest rates may change, and any dividends and other gains that may be paid or distributed to the account holder;

(3) The custodian of the funds or assets of the account;

(4) The coverage guaranteed by the Federal Deposit Insurance Corporation (FDIC), if any, and the amount of such coverage;

(5) The limitations, if any, on the numbers and amounts of withdrawals of funds from the account, including any minimum or maximum benefit payment amounts;

(6) The delays, if any, that the account holder may encounter in completing authorized transactions and the anticipated duration of such delays;

(7) The services provided for a fee, including a list of the fees or the method of their calculation;

(8) The nature and frequency of statements of account;

(9) The payment of some or all of the proceeds of the death benefit may be by the delivery of checks, drafts, or other instruments to access the available funds;

(10) The entire proceeds are available to the account holder by the use of one such check, draft, or other instrument;

(11) The insurer or a related party may derive income, in addition to any fees charged on the account, from the total gains received on the investment of the balance of funds in the account;

(12) The telephone number, address, and other contact information, including website address, to obtain additional information regarding the account; and

(13) The following statement: "For further information, please contact the department of business regulation.â€�

(c) The writings produced to satisfy the requirements of this section shall be in easy-to-understand language and bold or at least twelve-point (12) type.