Effective - 28 Aug 2019, 2 histories
374.191. Interest rate on certain claims, refunds, penalties, or payments under legal or remedial actions — inapplicable, when. — 1. If an insurance company is required to pay interest on any claims, refunds, penalties, or payments under a market conduct examination, investigation, stipulation of settlement agreement, voluntary forfeiture agreement, or any other legal or remedial action ordered by the department under any law of this state in which the interest rate is not provided for by law, or voluntarily pays interest on any claims, refunds, penalties, or payments in which the interest rate is not provided for by law, such claims, refunds, penalties, or payments shall bear interest at the annual adjusted prime rate of interest as determined by section 32.065, but under no circumstance shall such interest rate exceed nine percent per annum.
2. The provisions of this section shall not apply to payments subject to the provisions of section 376.383 nor any other statute in which the interest rate is specified.
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(L. 2017 H.B. 292, A.L. 2019 H.B. 182 merged with S.B. 54)