SB 336 - Wieland, Paul
Provides that the interest rate an insurance company pays upon a claim, refund, or payment under certain regulatory actions shall be the annual adjusted prime rate of interest, not to exceed 9 percent
Bill Details
Sponsor
LR Number
1461S.01I
Title
SB 336
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2017
Committee
Current Status
Informal Calendar S Bills for Perfection--SB 336-Wieland
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 336 - This act provides that if the Director of Insurance determines an insurance company should pay interest on any claims, refunds, or payments pursuant to an investigation by the Director, stipulation of settlement agreement, or other remedial action, such funds shall bear interest at the annual adjusted prime interest rate, not to exceed 9 percent.
This act is identical to HB 345 (2017), and similar to provisions in HCB 10 (2017), SS/SCS/HCS/HB 292 (2017), and HCS/SCS/SB 334 (2017).
ERIC VANDER WEERD