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Full-Text Articles in Insurance Law
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts, Maria O'Brien
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts, Maria O'Brien
Faculty Scholarship
RAAs (Retained Asset Accounts) are a life insurance innovation that is likely of small value to most beneficiaries. In many cases, it will make the most financial sense for a beneficiary to write a check to himself for the entire policy proceeds and deposit those funds into an insured bank account. Some beneficiaries, however, may find the RAA device helpful. It is impossible to anticipate the myriad circumstances that beneficiaries may face at the time of an insured's death. As long as insurers provide full and clear disclosure (which ERISA fiduciary standards demand), consumers should remain free to choose an …
Regulation Of Variable Life Insurance, Tamar Frankel
Regulation Of Variable Life Insurance, Tamar Frankel
Faculty Scholarship
On November 29, 1971 the American Life Convention and Life Insurance Association of America filed a petition with the Securities and Exchange Commission (SEC) to exempt certain variable life insurance policies and separate accounts funding them from the provisions of the federal securities acts.1 The petition had been preceded by informal negotiations by the insurance industry for a decision by the SEC "not to assert jurisdiction" over such policies and accounts.2 The Commission's staff declined to recommend primarily because the staff felt that other interested parties ought to be heard before a determination was made which might adversely …