SB 336 – 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

• Sponsor: Wieland
• LR Number: 1461S.01I
• Committee: Insurance and Banking
• Last Action: 5/12/2017 - Informal Calendar S Bills for Perfection--SB 336-Wieland
• Effective Date: August 28, 2017

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