Premiums and refunds.
1. Any insurer may revise its schedules of rates for premiums, and shall file the revised schedules with the Commissioner. An insurer shall not issue any policy of credit insurance for which the rate for the premium exceeds that determined by the schedules of that insurer on file with the Commissioner.
2. Each individual policy or group certificate must provide that in the event of termination of the insurance before the scheduled date of maturity of the indebtedness, any refund of an amount paid by the debtor for insurance must be paid or credited promptly to the person entitled to the refund.
3. If a creditor requires a debtor to make any payment for credit insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to the debtor and shall promptly credit the account of the debtor for the amount so paid.
4. The amount charged to a debtor by a creditor for any type of coverage under a policy of credit insurance must not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined.
Last modified: February 27, 2006