{"data":{"id":"us-ri/r.i.-gen.-laws-27-4.9-5","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 27-4.9-5","heading":"Disclosure requirements.","body":"(a) A complete listing and clear explanation of all of the life insurance proceeds payment options available to the beneficiary in written or electronic format shall accompany the tender of other than a lump sum payment of a life insurance death benefit.\n(b) The use of a retained asset account shall require in the description and explanation pursuant to subsection (a) herein the following:\n(1) The recommendation to consult a tax, investment, or other financial advisor regarding tax liability and investment options;\n(2) The initial interest rate, when and how interest rates may change, and any dividends and other gains that may be paid or distributed to the account holder;\n(3) The custodian of the funds or assets of the account;\n(4) The coverage guaranteed by the Federal Deposit Insurance Corporation (FDIC), if any, and the amount of such coverage;\n(5) The limitations, if any, on the numbers and amounts of withdrawals of funds from the account, including any minimum or maximum benefit payment amounts;\n(6) The delays, if any, that the account holder may encounter in completing authorized transactions and the anticipated duration of such delays;\n(7) The services provided for a fee, including a list of the fees or the method of their calculation;\n(8) The nature and frequency of statements of account;\n(9) The payment of some or all of the proceeds of the death benefit may be by the delivery of checks, drafts, or other instruments to access the available funds;\n(10) The entire proceeds are available to the account holder by the use of one such check, draft, or other instrument;\n(11) The insurer or a related party may derive income, in addition to any fees charged on the account, from the total gains received on the investment of the balance of funds in the account;\n(12) The telephone number, address, and other contact information, including website address, to obtain additional information regarding the account; and\n(13) The following statement: “For further information, please contact the department of business regulation.”\n(c) The writings produced to satisfy the requirements of this section shall be in easy-to-understand language and bold or at least twelve-point (12) type.","path":["Title 27 Insurance","Chapter 4.9 Beneficiaries’ Bill of Rights"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE27/27-4.9/27-4.9-5.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:57:22Z","sha256":"fe493cd32b2dce6395d854904eee9fe6f24bf2b73de90db000731a9eea3fb396","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-27-4.9-4","next":"us-ri/r.i.-gen.-laws-27-4.9-6"},"notice":"GroundRules: Original legal text. Not legal advice."}