North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 12 - LIFE AND HEALTH DIVISION
Section .1600 - RETAINED ASSET ACCOUNTS
Section 12 .1601 - DEFINITIONS
Universal Citation: 11 NC Admin Code 12 .1601
Current through Register Vol. 39, No. 6, September 16, 2024
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.
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.
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