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2011 SESSION
SB 1388 Retained asset accounts; to provide beneficiary at time a claim is made.
Introduced by: George L. Barker | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Life insurance; retained asset accounts. Requires insurance companies licensed in the Commonwealth that offer retained asset accounts for death benefits to provide the beneficiary, at the time a claim is made, with written information describing the settlement options available under the policy. If the insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract. The insurer is also required to make certain disclosures regarding retained asset accounts. HB 1458 is identical.
SUMMARY AS INTRODUCED:
Life insurance; retained asset accounts. Requires insurance companies licensed in the Commonwealth that offer retained asset accounts for death benefits to provide the beneficiary, at the time a claim is made, with written information describing the settlement options available under the policy. If the insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract. The insurer is also required to make certain disclosures regarding retained asset accounts.