N.Y. Laws » CHAPTER Insurance / ARTICLE Insurance Contracts - Life, Accident and Health, Annuities
New York Consolidated Laws

N.Y. Insurance Law § 3214 (2026)

Interest upon proceeds of life insurance policies and annuity contracts

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 3214. Interest upon proceeds of life insurance policies and annuity
contracts. (a) If an action to recover the proceeds due under a policy
of life insurance or contract of annuity delivered or issued for
delivery in this state results in a judgment against the insurer,
interest thereon shall be paid from the date of the death of the insured
or annuitant in connection with a death claim on a policy of life
insurance or contract of annuity and from the date of maturity of an
endowment contract to the date the verdict is rendered or the report or
decision is made, computed pursuant to the provisions of subsection (c)
hereof, and thereafter in accord with the provisions of sections five
thousand two and five thousand three of the civil practice law and
rules.
  (b) If an action to recover is commenced and a settlement is reached
before the verdict is rendered or the report or decision is made,
interest on the settlement shall be paid from the date of the death of
the insured or annuitant in connection with a death claim on such a
policy of life insurance or contract of annuity and from the date of
maturity of an endowment contract to the date of payment computed under
the provisions of subsection (c) hereof.
  (c) If no action has been commenced, interest upon the principal sum
paid to the beneficiary or policyholder shall be computed daily at the
rate of interest currently paid by the insurer on proceeds left under
the interest settlement option, from the date of the death of an insured
or annuitant in connection with a death claim on such a policy of life
insurance or contract of annuity and from the date of maturity of an
endowment contract to the date of payment and shall be added to and be a
part of the total sum paid.
  (d) This section shall not require the payment of interest for any
period during which an insurer is required to pay interest under any
state or federal law pertaining to interpleader.
  (e) This section shall not apply to policies or contracts issued prior
to September first, nineteen hundred seventy-five, which contain
specific provisions to the contrary.
Notes of Decisions
Cited in 7 cases, 1986–2017 · leading case: William Penn Life Ins. Co. of New York v. Viscuso, 569 F. Supp. 2d 355 (S.D.N.Y. 2008).
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William Penn Life Ins. Co. of New York v. Viscuso, 569 F. Supp. 2d 355 (S.D.N.Y. 2008). “” N.Y. Ins. Law § 3214 (c) (McKinney 2008).”
Chipetine v. William Penn Life Ins., 227 A.D.2d 216 (N.Y. App. Div. 1st Dep't 1996). · cites it 2× “d bringing up for review a prior order, same court and Justice, entered July 13, 1995, which granted plaintiff’s motion for summary judgment, unanimously modified, on the law and on the facts and in the exercise of discretion, to vacate the provision for pre-judgment interest at…”
In re Stein, 150 A.D.2d 700 (N.Y. App. Div. 2d Dep't 1989). “Pursuant to this provision, Beneficial must pay Anthony Mastroianni, the administrator of the estate, the proceeds of the insurance policy plus interest pursuant to Insurance Law § 3214 from the date of the death of the deceased.”
Fleischman v. Transamerica Corp., 151 A.D.3d 937 (N.Y. App. Div. 2d Dep't 2017). · cites it 4× “Contrary to the plaintiff’s contention, the calculation of interest on the proceeds due under Annuity #8231 must be determined in accordance with the principles set forth in Insurance Law § 3214, which applies specifically to interest paid on the proceeds of an annuity following…”
Gassman v. Metro. Life Ins., 56 A.D.2d 608 (N.Y. App. Div. 2d Dep't 2008). · cites it 4× “t them, granted the separate motion of the defendant Metropolitan Life Insurance Company for summary judgment dismissing the third and fourth causes *609 of action insofar as asserted against it and for leave to amend its answer, denied that branch of their cross motion which…”
Metro. Life Ins. v. Off. of State Comptroller, 120 A.D.2d 140 (N.Y. App. Div. 3d Dep't 1986). · cites it 5× “At issue on this appeal is whether the interest, which insurers must compute on the unpaid proceeds of a life insurance policy, annuity contract or endowment contract pursuant to Insurance Law § 3214 (c), was properly deemed abandoned property by respondent under Abandoned…”
Schozer v. William Penn Life Ins., 232 A.D.2d 623 (N.Y. App. Div. 2d Dep't 1996). “Insurance Law § 3214 (which provides for an interest rate of 4.”
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