§ 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(3) The number and dollar amount of retained asset accounts closed out/withdrawn during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shall become inactive for purposes of this subsection if no funds are withdrawn from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-year (3) 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.