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2000 Florida Statutes
SECTION 482
Interest payable on cash surrender of policy.
Interest payable on cash surrender of policy.
627.482 Interest payable on cash surrender of policy.--
(1) If an insured requests payment of the cash surrender value of a policy from its insurer, such payment shall include interest at the rate of interest specified in s. 625.121(6)(e), unless such payment is made by the insurer within 30 days of receipt of the insurance policy and request for cash surrender.
(2) An insurer shall be exempt from the requirements of this section if, upon petition by the insurer to the department, it is determined by the department that payment of such interest threatens the solvency of the insurer.
History.--s. 1, ch. 89-360; s. 1, ch. 90-192; s. 66, ch. 91-108; s. 114, ch. 92-318.