| Passed by the Senate February 16, 2008 YEAS 48 BRAD OWEN ________________________________________ President of the Senate Passed by the House March 7, 2008 YEAS 94 FRANK CHOPP ________________________________________ Speaker of the House of Representatives | 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. THOMAS HOEMANN ________________________________________ Secretary | |
| Approved April 1, 2008, 3:43 p.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | April 2, 2008 Secretary of State State of Washington |
| State of Washington | 60th Legislature | 2008 Regular Session |
READ FIRST TIME 02/06/08.
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
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.