Sec. 6. As used in this chapter, "retained asset account" means a mechanism through which the settlement of proceeds payable under a policy occurs by the insurer's deposit of the proceeds into a checking or draft account:
(1) in which the proceeds are retained by the insurer; and
(2) under a contract that is supplemental to the policy and does not involve annuity benefits.
As added by P.L.67-2011, SEC.1.