Utah Admin. Code 590-108-4

Current through Bulletin 2024-19, October 1, 2024

Section R590-108-4 - Rule

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.

Utah Admin. Code R590-108-4

Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021