Passed by the Senate February 16, 2008 YEAS 48 NAYS 0 ________________________________________ President of the Senate Passed by the House March 7, 2008 YEAS 94 NAYS 0 ________________________________________ Speaker of the House of Representatives		CERTIFICATE I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 6317 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary
Approved ________________________________________ Governor of the State of Washington		FILED Secretary of State State of Washington

AN ACT Relating to the payment of interest upon failure to pay death benefits that are payable under the terms of a group life insurance policy; and adding a new section to chapter 48.24 RCW.

NEW SECTION.  Sec. 1   A new section is added to chapter 48.24 RCW to read as follows:
     (1) An insurer shall pay the proceeds of any benefits under a policy of group life insurance insuring the life of any person who was a resident of this state at the time of death. The proceeds must be paid not more than thirty days after the insurer has received satisfactory proof of death of the insured. If the proceeds are not paid within the thirty-day period, the insurer shall also pay interest on the proceeds from the date of death of the insured to the date when the proceeds are paid.
     (2) The interest required under subsection (1) of this section accrues commencing on the date of death at the rate then paid by the insurer on other withdrawable policy proceeds left with the company or eight percent, whichever is greater.
     (3) Benefits payable that have not been tendered to the beneficiary within ninety days of the receipt of proof of death accrue interest, commencing on the ninety-first day, at the rate under subsection (2) of this section plus three percent.