MADISON, Wis., July 30 -- The Wisconsin Office of the Commissioner of Insurance issued the following news release:

In response to recent news reports regarding Retained Asset Accounts, Wisconsin Insurance Commissioner Sean Dilweg wants consumers to understand that retained asset accounts have consistently been used by life insurers to provide flexibility to consumers in paying life insurance benefits.

Retained Asset Accounts are one of three available life insurance claims settlement mechanisms available to beneficiaries. Consumers can earn varying degrees of interest under these accounts, allowing their benefit to grow without the need to make decisions about how to manage the benefit.

Dilweg stated, "My main concern is that the beneficiary receives adequate information about all their available options during this time of crisis in their lives."

"With full disclosure about how Retained Asset Accounts function, along with information about other claims settlement options available to them, consumers will be better served by the industry."

Other options are available to consumers receiving a life insurance benefit that may better suit a beneficiary's needs.

Dilweg has directed his staff to review current disclosure guidelines and, if necessary, promulgate administrative rules further protecting consumers in this area.

TNS MD66-MD66 100731-2937331 61MariaDonald