HB 0639 2004
1	A bill to be entitled
2	An act relating to interest payable on death claim
3	payments; amending s. 627.4615, F.S.; specifying
4	alternative interest rates for proceeds payable on death
5	claims; deleting a minimum rate requirement; providing an
6	effective date.
7
8	Be It Enacted by the Legislature of the State of Florida:
9
10	Section 1. Section 627.4615, Florida Statutes, is amended
11	to read:
12	627.4615 Interest payable on death claim payments.--When a
13	policy provides for payment of its proceeds in a lump sum upon
14	the death of the insured, the payment must include interest, at
15	an annual rate equal to the or greater of:
16	(1) The rate for funds left on deposit or the settlement
17	option rate applicable to the policy; or
18	(2) The current, short-term rate of interest under s.
19	1274(d) of the Internal Revenue Code of 1986, as amended, than
20	the Moody's Corporate Bond Yield Average-Monthly Average
21	Corporateas of the day the claim was received, from the date
22	the insurer receives written due proof of death of the insured.
23	If the method of calculating such index is substantially changed
24	from the method of calculation in use on January 1, 1993, the
25	rate must not be less than 8 percent.
26	Section 2. This act shall take effect upon becoming a law.