Ohio § 3923.061
Full text of Ohio Ohio Revised Code § 3923.061, with citation guidance and answers to common questions.
§ 3923.061.
(A) On and after January 1, 2003, any insurance company authorized to do business in
this state shall pay interest, in accordance with division (B) of this section and
subject to division (C) of this section, on any proceeds that become due pursuant
to the terms of a policy of sickness and accident insurance due to the death of the
insured by sickness or accident. (B) The interest payable pursuant to division (A) of this section shall be computed from
the date of the death of the insured to the date of the payment of the proceeds and
shall be at whichever of the following rates is greater: (1) The annual short-term applicable federal rate for purposes of section 1274(d) of the Internal Revenue Code , as defined in section 5747.01 of the Revised Code , in effect for the month in which the insured died; (2) The current rate of interest on proceeds left on deposit with the company under an
interest settlement option contained in the policy of sickness and accident insurance. (C) Division (A) or (B) of this section does not require the payment of interest unless
the insured was a resident of this state on the date of the insured's death and unless
the beneficiary under the policy of sickness and accident insurance elects in writing
to receive, or a written election has been made for the beneficiary to receive, the
proceeds of the policy by means of a lump sum payment.
Frequently Asked Questions About Ohio § 3923.061
What does Ohio Revised Code § 3923.061 cover?
Section 3923.061 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 3923.061?
A common citation format is "Ohio Revised Code § 3923.061" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 3923.061 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.