58-61-1. Purpose. The purpose of this Article is to permit and set guidelines for life insurers to include in life insurance policies issued after the effective date of this Article a provision for periodic adjustment of policy loan interest rates. Nothing in this Article shall be construed to prohibit a life insurer from issuing a […]
58-61-10. Maximum rate of interest on policy loans. (a) Policies issued on or after September 1, 1981 shall provide for policy loan interest rates as follows: (1) A provision permitting a maximum interest rate of not more than eight percent (8%) per annum; or (2) A provision permitting an adjustable maximum interest rate established from […]
58-61-15. Applicability to existing policies. The provisions of this Article shall not apply to any insurance contract issued before September 1, 1981. (1981, c. 841, s. 1.)
58-61-5. Definitions. For purposes of this Article the "Published Monthly Average" means: (1) The Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody’s Investors Service, Inc., or any successor thereto; or (2) In the event that the Monthly Average of the Composite Yield on Seasoned Corporate Bonds is no longer […]
