1. (1) the interest rate may not exceed the interest rate in the policy loan provision in the policy; or
2. (2) in the absence of a policy loan provision, the interest rate may not exceed the maximum interest rate under Section 31A-22-420.

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:

KEY: insurance companies

Date of Last Change: November 8, 2021

Notice of Continuation: April 1, 2022

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-22-402; 31A-22-407