(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 office, it is determined by the office 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; s. 1134, ch. 2003-261.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part III - Life Insurance and Annuity Contracts (Ss. 627.451-627.482)
627.452 - Standard provisions required.
627.454 - Entire contract; statements in application.
627.4553 - Recommendations to surrender.
627.4554 - Annuity investments.
627.4556 - Life insurance automatic policy loan provision.
627.456 - Misstatement of age or sex.
627.4585 - Maximum rate of interest on policy loans.
627.460 - Authority to alter contract.
627.4605 - Replacement notice.
627.461 - Settlement on proof of death.
627.4615 - Interest payable on death claim payments.
627.462 - Table of installments.
627.463 - Excluded or restricted coverage.
627.464 - Annuity contracts, pure endowment contracts; standard provisions.
627.465 - Annuity contracts, pure endowment contracts; grace period.
627.466 - Annuity contracts, pure endowment contracts; incontestability.
627.467 - Annuity contracts, pure endowment contracts; entire contract.
627.468 - Annuity contracts, pure endowment contracts; misstatement of age or sex.
627.469 - Annuity contracts, pure endowment contracts; dividends.
627.470 - Annuity contracts, pure endowment contracts; reinstatement.
627.471 - Reversionary annuities; standard provisions.
627.472 - Incontestability after reinstatement.
627.474 - Policy must contain entire contract.
627.475 - Nonforfeiture benefits; certain interim policies.
627.476 - Standard Nonforfeiture Law for Life Insurance.
627.479 - Prohibited policy plans.
627.480 - Cash payments of single-premium life policies.