Section 3.26.855. Retained asset account defined.

Latest version.

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.

Authorities

21.06.090;21.96.030

Notes

Authority
 AS 21.06.090  
AS 21.96.030  
History Eff. 12/7/2011, Register 200

                    
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