RSA 408:9 Retained Asset Accounts.

I. "Retained asset account" means any mechanism whereby the settlement of death benefits payable under a life insurance policy or annuity contract is accomplished pursuant to a disclosure document with the beneficiary, or the beneficiary's legal representative, by the insurer, or an entity acting on behalf of the insurer, depositing the proceeds into an account with check or draft writing privileges pursuant to a disclosure document.
II. An insurer may not transfer funds to a retained asset account unless the beneficiary or the beneficiary's legal representative has elected to receive funds through a retained asset account after receiving written information describing the settlement options available under the policy or contract and any other option available to the beneficia