New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 61 - RETAINED ASSET ACCOUNTS
Section 11:4-61.2 - Definitions

Universal Citation: NJ Admin Code 11:4-61.2
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Department" means the New Jersey Department of Banking and Insurance.

"FDIC" means the Federal Deposit Insurance Corporation established by 12 U.S.C. § 227.

"Insurer" means an insurer authorized or admitted pursuant to Title 17B of the New Jersey Statutes to transact life insurance in this State.

"Life insurance" is as defined in 11:4-40.2.

"Retained asset account" or "RAA" means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, or through the use of a debit card or other similar instrument upon which the proceeds may be drawn, where those proceeds are retained by the insurer, pursuant to the life insurance contract or a supplementary contract not involving annuity benefits.

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