SECTION .1600 - RETAINED ASSET ACCOUNTS

11 NCAC 12 .1601             DEFINITIONS

As used in this Section:

(1)           "Policy" means any policy or certificate of insurance that provides a death benefit.

(2)           "Retained asset account" or "account" means any mechanism whereby the settlement of proceeds payable under an insurance policy is accomplished through the use of a temporary repository of proceeds into a checking or draft account.

History Note:        Authority G.S. 58‑2‑40; 58‑3‑150; 58‑7‑15; 58‑58‑1; 58‑58‑110;

Eff. February 1, 1996;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018.