Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(1) Any insurance company authorized to do business in this state shall pay interest on any proceeds due on a life insurance policy if:
(a) The insured was a resident of this state on the date of death;
(b) The date of death was on or after June 6, 1991;
(c) The beneficiary elects in writing to receive the proceeds in a lump-sum payment; and
(d) The proceeds are not paid to the beneficiary within thirty days of receipt of proof of death of the insured by the insurance company.
(2) Interest shall accrue from the date of receipt of proof of death to the date of payment at the rate calculated pursuant to section 45-103 in effect on January 1 of the calendar year in which occurs the date of receipt of proof of death. For purposes of this section, date of payment shall include the date of the postmark stamped on an envelope, properly addressed and postage prepaid, containing the payment.
(3) If an action is commenced to recover the proceeds, this section shall not require the payment of interest for any period of time for which interest is awarded pursuant to sections 45-103 to 45-103.04 .
(4) A violation of this section shall be an unfair claims settlement practice subject to the Unfair Insurance Claims Settlement Practices Act.
Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 44. Insurance § 44-3,143. Life insurance policy proceeds; payment of interest; when - last updated January 01, 2019 | https://codes.findlaw.com/ne/chapter-44-insurance/ne-rev-st-sect-44-3-143.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.