Statement of Christian J. Rataj
State Affairs Manager
National Association of Mutual Insurance Companies
"HB 225 would amend the civil judgment interest rate on a claim for an injury from the current 10 percent per year to an interest rate equal to the Federal Reserve prime interest rate on the day judgment is entered, plus 2 percent per year.
“NAMIC supports HB 225 because claimants should receive no less or no more than what they need to be restored to their pre-injury condition. The current 10 percent per year civil judgment interest rate provides claimants with an economic windfall, which is an interest rate that far exceeds what the plaintiff could earn if he/she invested the damages money in a traditional financial investment.
“Claimants seeking a legal redress of their injury should be fully compensated for their loss, but they should not be allowed to profit from their claim.”
Contact: Lisa Floreancig
Public Affairs Director - State & Policy Affairs