NAIC launches retained asset probe

The US National Association of Insurance Commissioners (NAIC) is the latest body investigating
US insurers’ practices regarding retained assets, where death beneficiaries’ assets are held on to by the company until asked for, while they pay a money market-style interest rate.

The US industry’s collegiate supervisory body has created a retained asset accounts working group, to investigate disclosure to consumers and their understanding of it, and the protection of the policies by state guaranty

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