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New York Establishes Retained Asset Account Rules for Life Insurers
1 March 2012
The New York Department of Financial Services has issued procedures and disclosure requirements for retained asset accounts (RAA) applicable to all licensed life insurers.
The New York RAA rules impose greater disclosure burdens than the NAIC Sample Bulletin and NCOIL Beneficiaries’ Bill of Rights combined.
New York will not allow an RAA as a settlement option default. A lump sum settlement is the required default option. Selection of an RAA requires the affirmative selection by a beneficiary.
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