364.135. Return of unearned premiums on cancellation of financed contract--time allowed. - Missouri Statutes

Return of unearned premiums on cancellation of financed contract--timeallowed.

364.135. Whenever a financed insurance contract iscanceled, the insurer shall return whatever gross unearnedpremiums are due under the insurance contract directly to thepremium finance company for the account of the insured orinsureds as soon as reasonably possible, but in no event laterthan sixty days after the effective date of cancellation. Inthe event that the crediting of return premiums to the accountof the insured results in a surplus over the amount due from theinsured, the premium finance company shall refund such excess tothe insured, provided that no such refund shall be required ifit amounts to less than one dollar.

(L. 1984 S.B. 686 § 8)