DE SB75

Reduces the maximum settlement period for life insurance death benefits from 2 months to 30 days after receipt of due proof of death.

Accepts a certified copy of the insured's death certificate or other lawful evidence providing equivalent information as acceptable proof of death.

Requires insurers to pay interest on death benefits beginning from the date of the initial claim filing, accruing at the rate for funds left on deposit or the 2-year Treasury Constant Maturity Rate if no deposit rate is established.

Imposes an additional 10% annual interest penalty if claims are not paid within 31 days after the latest of: receiving due proof of death, receiving sufficient information to determine liability, or resolving legal impediments to payment.

Takes effect 9 months after enactment.