Amend the bill, as and if amended, by inserting an appropriately numbered SECTION after line 15 on page 2 to read:
/ SECTION __. 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 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 not less than the current rate of interest paid on death proceeds left on deposit with the insurer in effect at the time of the death of the insured;" /
Renumber sections to conform.
Amend title to conform.