HB 182
Specifies default interest rates for voluntary payments made by insurance companies
Sponsor:
LR Number:
0126H.01T
Last Action:
6/6/2019 - Signed by Governor
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2019
House Handler:

Current Bill Summary

HB 182 - Currently, if an insurance company is required to pay interest on any claims, refunds, penalties, or payments pursuant to a market conduct examination, investigation, stipulation of settlement agreement, voluntary forfeiture agreement, or any other remedial action ordered by the Department of Insurance, Financial Institutions, and Professional Registration, such funds shall bear interest at the annual adjusted prime interest rate, in an amount not to exceed 9% per year. This rate does not apply to payments subject to a statute in which an interest rate is otherwise specified, including the prompt payment statute.

This act specifies that payments made voluntarily shall be subject to this interest rate as well.

This act is identical to a provision in the truly agreed to and finally passed CCS/HCS/SB 54 (2019).

ERIC VANDER WEERD

Amendments

No Amendments Found.