For the purposes of this article, the following terms have the following definitions:
(a) “Insurer” means an insurance company that delivers or issues for delivery in this state any policy of individual or group life insurance.
(b) “Retained asset account” means any mechanism where the settlement of proceeds payable under a life insurance policy is accomplished by the insurer, or an entity acting on behalf of the insurer, by depositing the proceeds into an account with check or draft writing privileges, and where those proceeds are retained by the insurer, pursuant to a supplemental contract not involving annuity benefits.