New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 220 - Holocaust Victims Insurance Claims And Reports
Section 220.4 - Interest on proceeds
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 220.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Where claims are resolved and settled in accordance with this Part, interest on the proceeds of policies or annuities shall be payable, and shall be calculated as provided by this section, which implements section 2701(d) of the Insurance Law.
(b) Where the policy or annuity states a method for the calculation of interest on proceeds, then that method shall apply.
(c) Where the policy or annuity does not state a method for the calculation of interest on proceeds, then:
(1) in the case of life
insurance policies and annuities in respect of which benefits became payable
because of the death of the insured or annuitant or the maturity of an
endowment or similar contract, the department has concluded that the
legislative approach set forth in section
3214 of the Insurance Law presents an
appropriate general guide for determining reasonable interest on proceeds
pursuant to section
2701(d) of the Insurance
Law. Accordingly, interest upon the principal sum paid to the beneficiary or
policyholder shall be computed daily at the applicable rates of interest paid
by the insurer over the course of time on proceeds left under the interest
settlement option, from the date of the death of an insured or annuitant in
connection with a death claim on such a policy of life insurance or contract of
annuity and from the date of maturity of an endowment or similar contract to
the date of payment and shall be added to and be a part of the total sum paid;
and
(2) in all other cases and in
respect of all other types of policies or annuities, interest shall be
calculated in accordance with a reasonable standard agreed upon by the insurer
and the claimant, or, if the superintendent prescribes a standard, according to
such standard as the superintendent may prescribe, including those instances in
which the insurer and the claimant cannot agree upon a standard.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.