The insurer shall provide the following written disclosures to the beneficiary of a policy before the retained asset account is selected, if optional, or established, if not optional: 1. Payment of the full benefit amount is accomplished by delivery of the draft book or check book; 2. One draft or check may be written to access the entire amount, including interest, of the retained asset account at any time; 3. Whether other available settlement options are preserved until the entire balance is withdrawn or the balance drops below the insurer's minimum balance requirements; 4. A statement identifying the account as either a checking account or a draft account and an explanation of how the account works; 5. Information about the account services provided and contact information where the beneficiary may request and obtain more details about such services; 6. A description of fees charged, if applicable; 7. The frequency of statements showing the current account balance, the interest credited, drafts or checks written, and any other account activity; 8. The minimum interest rate to be credited to the account and how the actual interest rate will be determined; 9. The interest earned on the account may be taxable; 11. A description of the insurer's policy regarding retained asset accounts that become inactive. 2011, cc. 194, 227.
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