Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 26 - Trade Practices
Article 10 - Retained Asset Accounts
3 AAC 26.855 - Retained asset account defined
Universal Citation: 3 AK Admin Code 26.855
Current through February 24, 2025
For purposes of 3 AAC 26.850 - 3 AAC 26.865, a retained asset account is any mechanism in which proceeds of a life insurance policy are deposited into an account with beneficiary check-writing or draft-writing privileges, where the proceeds are retained by the insurer under a supplementary contract not involving insurance benefits other than the life insurance proceeds to be deposited into the account.
Authority:AS 21.06.090
AS 21.96.030
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