11 N.C. Admin. Code 12.1601

Current through Register Vol. 39, No. 9, November 1, 2024

Section 12 .1601 - DEFINITIONS

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.

11 N.C. Admin. Code 12 .1601

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.

Authority G.S. 58-2-40; 58-3-150; 58-7-15; 58-58-1; 58-58-110;
Eff. February 1, 1996.