O.C.G.A.

O.C.G.A. § 33-27-4 (2019)

Payment of interest on proceeds or payments under policies of group life insurance

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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Each insurer admitted to transact life insurance in this state shall pay interest on proceeds or payments under any policy of group life insurance payable to a beneficiary residing in this state, to a beneficiary under a policy issued in this state, or to a beneficiary under a policy insuring a person resident in this state at the time of death, in accordance with Code Section 33-25-10.

History

Code 1933, § 56-2503.1, enacted by Ga. L. 1978, p. 2297, § 1.

Annotations

RESEARCH REFERENCES ALR. - Who are ‘‘blood relatives’’ within statute or rules as to beneficiaries of insurance in mutual benefit societies, 10 A.L.R. 864.

Liability of insurer for damages resulting from delay in passing upon an application for life insurance, 1 A.L.R.4th 1202.

Notes of Decisions

Cited in 2 cases, 2002–2016 · leading case: Unum Life Ins. Co. of Am. v. Crutchfield, 568 S.E.2d 767 (Ga. Ct. App. 2002).

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Unum Life Ins. Co. of Am. v. Crutchfield, 568 S.E.2d 767 (Ga. Ct. App. 2002). · cites it 2× “See also OCGA § 33-27-4. According to Crutchfield, she should have been paid interest in the amount of $57.”

Owens v. Metro. Life Ins. Co., 210 F. Supp. 3d 1344 (N.D. Ga. 2016). · cites it 2× “O.C.G.A. § 33-27-4. “[W]hen a claim for the policy proceeds is filed with the insurer, interest shall be computed daily from 30 days after the date the claim is filed until the date of payment at the rate of 12 percent.”

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