Life Insurance Policies and Reserves

SECTION 27-4-26

§ 27-4-26. Interest upon proceeds of life insurance policies.

An insurer of a life insurance contract or annuity contract shall pay to the beneficiary or policyholder, respectively, interest on the proceeds at the rate of nine percent (9%) per annum from the date of the death of an insured or annuitant in connection with a death claim on a life insurance policy or annuity contract and from the date of maturity of an endowment contract to the date of payment and the interest shall be added to and be a part of the total sum paid.

History of Section.
(P.L. 1984, ch. 343, § 1; P.L. 1987, ch. 78, § 15.)