Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida insurer misses the statutory deadline for tendering a settlement. What does section 627.4265 impose?
Answer and explanation
Answer: C. Section 627.4265 provides that a settlement not tendered within 20 days bears interest at 12 percent per year from the date of the agreement. Eight percent is the ceiling section 627.453 sets for interest on an overdue premium during the grace period, and the statute imposes interest rather than a penalty or a forfeiture.Source: Fla. Stat. § 627.4265 — 627.4265, Interest for late payment
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