According to a Texas Department of Insurance (TDI) survey of 160 life insurance companies, more than half of the 71 companies currently offering Retained Asset Accounts (RAAs) use the accounts as the default policy settlement option.

The survey reported 51,484 open accounts totaling nearly $2.3 billion. The average duration of an RAA in Texas is four years and three months. More than 12,000 of those accounts have been inactive for 3 years or more, and 8,646 of these accounts had no activity for more than four years.

Read the full report for further information.