State Codes and Statutes

Statutes > New-york > Isc > Article-32 > 3227

§  3227.  Interest  upon surrenders, policy loans and other funds. (a)  Interest, at the rate provided for in section three thousand two hundred  fourteen of this article, shall be payable by life  insurers,  fraternal  benefit societies, and life insurance departments of savings banks upon:  (1)  the value of policies surrendered by policyholders for cash values,  including the rollover of annuity funds to other entities, and  (2)  the  funds disbursed as policy loans. Such interest payment shall be added to  and  be a part of the total sum paid or be paid separately at the option  of the insurer.    (b) The interest calculated on amounts described in paragraphs one and  two of subsection (a) hereof shall  be  calculated  from  the  date  the  documentation  necessary  to complete the transaction is received by the  insurer and shall be payable if the funds are not mailed or delivered by  the insurer within ten working days of said receipt.    (c) No interest need be payable pursuant to this  section  unless  the  amount  of  such  interest  is  at  least  twenty-five dollars or if the  payment of benefits by the insurer has been deferred pursuant  to  other  provisions of this chapter.    (d)  Irrespective  of  the  payment of interest in accordance with the  above provisions, such life insurers, fraternal  benefit  societies  and  life  insurance  departments  of  savings banks shall make disbursements  under paragraphs one and two of subsection (a) hereof  as  expeditiously  as possible.

State Codes and Statutes

Statutes > New-york > Isc > Article-32 > 3227

§  3227.  Interest  upon surrenders, policy loans and other funds. (a)  Interest, at the rate provided for in section three thousand two hundred  fourteen of this article, shall be payable by life  insurers,  fraternal  benefit societies, and life insurance departments of savings banks upon:  (1)  the value of policies surrendered by policyholders for cash values,  including the rollover of annuity funds to other entities, and  (2)  the  funds disbursed as policy loans. Such interest payment shall be added to  and  be a part of the total sum paid or be paid separately at the option  of the insurer.    (b) The interest calculated on amounts described in paragraphs one and  two of subsection (a) hereof shall  be  calculated  from  the  date  the  documentation  necessary  to complete the transaction is received by the  insurer and shall be payable if the funds are not mailed or delivered by  the insurer within ten working days of said receipt.    (c) No interest need be payable pursuant to this  section  unless  the  amount  of  such  interest  is  at  least  twenty-five dollars or if the  payment of benefits by the insurer has been deferred pursuant  to  other  provisions of this chapter.    (d)  Irrespective  of  the  payment of interest in accordance with the  above provisions, such life insurers, fraternal  benefit  societies  and  life  insurance  departments  of  savings banks shall make disbursements  under paragraphs one and two of subsection (a) hereof  as  expeditiously  as possible.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-32 > 3227

§  3227.  Interest  upon surrenders, policy loans and other funds. (a)  Interest, at the rate provided for in section three thousand two hundred  fourteen of this article, shall be payable by life  insurers,  fraternal  benefit societies, and life insurance departments of savings banks upon:  (1)  the value of policies surrendered by policyholders for cash values,  including the rollover of annuity funds to other entities, and  (2)  the  funds disbursed as policy loans. Such interest payment shall be added to  and  be a part of the total sum paid or be paid separately at the option  of the insurer.    (b) The interest calculated on amounts described in paragraphs one and  two of subsection (a) hereof shall  be  calculated  from  the  date  the  documentation  necessary  to complete the transaction is received by the  insurer and shall be payable if the funds are not mailed or delivered by  the insurer within ten working days of said receipt.    (c) No interest need be payable pursuant to this  section  unless  the  amount  of  such  interest  is  at  least  twenty-five dollars or if the  payment of benefits by the insurer has been deferred pursuant  to  other  provisions of this chapter.    (d)  Irrespective  of  the  payment of interest in accordance with the  above provisions, such life insurers, fraternal  benefit  societies  and  life  insurance  departments  of  savings banks shall make disbursements  under paragraphs one and two of subsection (a) hereof  as  expeditiously  as possible.