Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 38-63-80 of the 1976 Code is amended to read:
"Section 38-63-80. When an individual life insurance policy provides for payment of its proceeds in a lump sum upon the death of the insured and the insurer fails to pay the proceeds within thirty forty-five days of submission of proof of death and all necessary claim papers needed in order to pay the claim properly, the payment must include interest at the legal rate from the date of death of the insured until the date the claim is paid. Notwithstanding another provision of law, this interest must be paid at a rate equal to the prime rate plus one percent, but may not exceed the state's legal rate of interest."
SECTION 2. Section 38-65-120 of the 1976 Code is amended to read:
"Section 38-65-120. When a group life insurance policy provides for payment of its proceeds in a lump sum upon the death of an insured and the insurer fails to pay the proceeds within thirty forty-five days of submission of proof of death and all necessary claim papers needed to properly pay the claim, the payment must include interest at the legal rate of interest from the date of death of that insured until the date the claim is paid. Notwithstanding another provision of law, this interest must be paid at a rate equal to the prime rate plus one percent, but may not exceed the state's legal rate of interest."
SECTION 3. Section 38-63-220(f) of the 1976 Code is amended to read:
"(f) a provision that when a policy becomes a claim by the death of the insured, settlement must be made upon receipt of proof of death. When a policy provides for payment of its proceeds in a lump sum upon the death of the insured and the insurer fails to pay the proceeds within thirty forty-five days of submission of proof of death and all necessary claim papers needed in order to pay the claim properly, the payment must include interest at the legal rate of interest from the date of death of the insured until the date the claim is paid. Notwithstanding another provision of law, this interest must be paid at a rate equal to the prime rate plus one percent, but may not exceed the state's legal rate of interest."
SECTION 4. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.