§ 19-14.6-5 - Return premiums. - Rhode Island Statutes

SECTION 19-14.6-5

   § 19-14.6-5  Return premiums. – Whenever a financed insurance contract or contracts is cancelled, the insurershall return the gross unearned premium or premiums, if any, that may be dueunder the insurance contract or contracts, directly to the insurance premiumfinance company for the account of the insured, as soon as reasonably possible,but, in no event, shall the period for the return exceed sixty (60) days afterthe effective date of cancellation. In the event that crediting of a returnpremium or premiums to the account of an insured results in a surplus over theamount due from the insured, the insurance premium finance company shall refundthe excess to the insured, provided that no refund shall be required if therefund amounts to less than one dollar ($1.00).