R590-108-4. Rule

The interest rate an insurer may charge during a grace period on overdue premium or subsequent reinstatement of a life insurance policy or annuity contract shall be the rate set in the policy or contract, except that: (1) the interest rate may not exceed the interest rate in the policy loan provision in the policy; or (2) in the absence of a policy loan provision, the interest rate may not exceed the maximum interest rate under Section 31A-22-420.