Section 33-27-4. Payment of interest on proceeds or payments under policies of group life insurance

   Each insurer admitted to transact life insurance in this state shall pay interest on proceeds or payments under any policy of group life insurance payable to a beneficiary residing in this state, to a beneficiary under a policy issued in this state, or to a beneficiary under a policy insuring a person resident in this state at the time of death, in accordance with Code Section 33-25-10.

Code 1933, § 56-2503.1, enacted by Ga. L. 1978, p. 2297, § 1.