NAIC President Jane L. Cline Releases Statement Regarding Retained Asset Accounts
NAIC President and West Virginia Insurance Commissioner Jane L. Cline issued the following statement in response to media reports regarding Retained Asset Accounts:
"Retained Asset Accounts (RAA) are a life insurance claims settlement mechanism that have been available to consumers for at least two decades. The accounts were initially created at the request of consumers to provide options for receiving benefits from a life insurance policy, and with proper disclosure, consumers have generally been happy with this flexibility. Traditionally, consumers earn interest under these accounts, allowing their benefit to grow without the need to make impulsive decisions about how to manage the benefit." |
 Jane L. Cline,
NAIC President and West Virginia Insurance Commissioner
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