§33-14-23. Same -- Grace period.
In group annuity contracts there shall be a provision that
there shall be a period of grace of thirty-one days within which
any stipulated payment to be remitted by the holder to the
insurer, falling due after one year from date of issue, may be
made, subject, at the option of the insurer, to an interest
charge thereon at a rate to be specified in the contract, which
shall not exceed six percent per annum for the number of days of
grace elapsing before such payment.