Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-108 - Interest Rate During Grace Period or Upon Reinstatement of Policy
Section R590-108-4 - Rule
Universal Citation: UT Admin Code R 590-108-4
Current through Bulletin 2024-06, March 15, 2024
The interest rate an insurer may charge during a grace period on overdue premium or subsequent reinstatement of a life insurance policy or annuity contract shall be the rate set in the policy or contract, except that:
(1) the interest rate may not exceed the interest rate in the policy loan provision in the policy; or
(2) in the absence of a policy loan provision, the interest rate may not exceed the maximum interest rate under Section 31A-22-420.
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