Interest of Life Insurance Death Benefits (Revised)

owner or certificate holder, regardless of where the group or individual policy was issued; and 3) When the group policy was issued outside of Vermont, but the certificate was delivered or issued for delivery to a Vermont resident who is also a resident of this state at the time of his or her death. Insurers are also advised that life insurance policy filings made with the Division must specifically set forth Section 3665b' s requirement that interest be paid from the date of death at the greater of six percent per year or the rate applicable to proceeds left on deposit with the insurer. The Department will continue to reject policy filings which contain a general statement that interest on death benefits will be paid in accordance with state law, since interest requirements vary from state to state and such a general statement fails to inform policyholders of their specific rights under Vermont law. Inquiries about this Bulletin should be directed to Isabelle Keiser, Chief Administrative Insurance Examiner (Isabel.le.Keiser@Vermont.gov). tf1-----,,.;;i__p Michaels. Pieciak, Commissioner Date DFR Bulletin No. 159; Interest on Life Insurance Death Benefits; Revised on March 23, 2021; Page No. 2