Payment of life insurance proceeds; interest. An insurer shall pay the proceeds of any benefits under a policy of life insurance not more than 30 days after the death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on the proceeds, at a rate which is not less than the current rate of interest on death proceeds on deposit with the insurer, from the date of death of the insured to the date when the proceeds are paid.
Last modified: February 27, 2006