Title 31A Insurance Code 31A-22-428. Interest payable on life insurance proceeds., Utah Code Ann. § 31A-22-428


Summary

(1) For a life insurance policy delivered or issued for delivery in this state on or after May 5, 2008, the insurer shall pay interest on the death proceeds payable upon the death of the insured.
(2)
(a) Except as provided in Subsection (4), for the period beginning on the date of death and ending the day before the day described in Subsection (3)(b), interest under Subsection (1) shall accrue at a rate no less than the greater of:
(i) the rate applicable to policy funds left on deposit; and
(ii) the Two Year Treasury Constant Maturity Rate as published by the Federal Reserve.
(b) If there is no rate applicable to policy funds on deposit as stated in Subsection (2)(a)(i), then the Two Year Treasury Constant Maturity Rates as published by the Federal Reserve applies.
(c) The rate described in Subsection (2)(a) or (b) is the rate in effect on the day on which the death occurs.
(d) Interest is payable until the day on which the claim is paid.
(3)
(a) Unless the claim is paid and except as provided in ...