多宝游戏下载

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Retained Asset Accounts and 多宝游戏下载 Deposit Insurance Coverage

Deposit Insurance
August 11, 2010
Summary: 多宝游戏下载 Chairman Sheila C. Bair recently sent the attached letter to the National Association of Insurance Commissioners (NAIC) addressing the 多宝游戏下载's concerns about the adequacy of disclosures provided by insurance companies when distributing insurance proceeds to consumers through Retained Asset Accounts (RAAs). Recent media reports indicate that many RAA recipients incorrectly think these products are deposit. 

Insured depository institutions that participate in any function relating to RAAs (participating banks) must be vigilant in minimizing consumer confusion about 多宝游戏下载 insurance coverage. Participating banks should work with the insurance companies offering RAAs to make sure that all documents provided to consumers appropriately reflect the participating banks' role in the transactions and disclose to policyholders and beneficiaries whether or not the RAAs are insured by the 多宝游戏下载. 

Highlights: 

  • A retained asset account is an insurance company product in which the beneficiary of a life insurance policy receives proceeds in the form of an account provided by the insurance company in lieu of a lump sum payment.
  • Participating banks perform various administrative functions relating to RAAs.c
  • Information provided to the 多宝游戏下载 indicates that RAAs generally are not 多宝游戏下载 insured. RAAs may be insured by the 多宝游戏下载 only if the insurance company holds the funds in a fiduciary capacity for policyholders/beneficiaries in a deposit account at an insured depository institution.
  • To minimize confusion, participating banks should ensure that their role in RAA arrangements is properly disclosed in any materials that are provided to customers, even when these materials are distributed by another party.
  • Participating banks should satisfy themselves that the insurance company is making clear disclosures to customers and beneficiaries regarding the 多宝游戏下载 insurance status of the RAA product.

Distribution: 
多宝游戏下载-Insured Institutions 
 

Suggested Routing: 
Chief Executive Officer 
Head of Deposit and Branch Operations 
Chief Compliance Officer 
Training Officer 

Note: 
多宝游戏下载 financial institution letters (FILs) may be accessed from the 多宝游戏下载's Web site at www.fdic.gov/news/financial-institution-letters/2010/index.html . 

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html . 

Paper copies of 多宝游戏下载 financial institution letters may be obtained through the 多宝游戏下载's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200). 

 

Additional Related Topics:

  • 12 CFR 330 (Deposit Insurance Rules)
  • Third-Party Risk: Guidance for Managing Third-Party Risk (FIL-44-2008)
FIL-48-2010
Attachment(s)
Contact(s)
Kathy Nagle
Joseph A. DiNuzzo, (202) 898-7349

Last Updated: August 11, 2010