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. (1) in which the proceeds are retained by the insurer; and
2. (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.