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 26.860 - Disclosure of settlement options
Universal Citation: 3 AK Admin Code 26.860
Current through February 24, 2025
(a) An insurer shall provide to the beneficiary, at the time a claim is made, a written description of settlement options available under the policy and how to obtain specific details regarding the options.
(b) The insurer shall provide the following written disclosures to the beneficiary about retained asset accounts before the retained asset account option is selected:
(1) a statement that payment of the full
benefit amount is accomplished by delivery of a draft book or check
book;
(2) a statement that one
draft or check may be written to access the entire amount, including interest,
of the retained asset account at any time;
(3) whether other settlement options are
preserved until the entire balance is withdrawn or the balance drops below the
insurer's minimum balance requirements;
(4) a statement identifying the account as
either a checking or a draft account and an explanation of how the account
works;
(5) a description of the
account services provided and contact information where the beneficiary may
request and obtain more details about the account services;
(6) a description of any fees charged, if
applicable;
(7) the frequency of
statements showing
(A) the current retained
asset account balance;
(B) the
interest credited;
(C) withdrawals;
and
(D) any other account
activity;
(8) the
minimum interest rate credited to the retained asset account and how actual
interest is determined;
(9) a
statement that the interest earned on the account may be taxable;
(10) a statement that retained asset account
funds are not guaranteed by the Federal Deposit Insurance Corporation but are
guaranteed by the state guaranty association;
(11) a description of the insurer's policy
regarding retained asset accounts that become inactive.
Authority:AS 21.06.090
AS 21.96.030
Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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