§ 27-30-8 - Premiums and refunds. [Effective until February 11, 2010.]. - Rhode Island Statutes

SECTION 27-30-8

   § 27-30-8  Premiums and refunds.[Effective until February 11, 2010.]. – (a) Each insurer issuing credit life insurance shall file with the commissionerits schedule of premium rates for use in connection with that insurance. Anyinsurer may revise the schedules and shall file the revised schedules with thecommissioner. No insurer shall issue any credit life insurance policy for whichthe premium rate exceeds that determined by the schedules of the insurer asthen on file with the commissioner. The commissioner may require the filing ofthe schedule of premium rates for use in connection with and as a part of thespecific policy filings as provided by § 27-30-7.

   (b) Each individual policy, group certificate, or notice ofinsurance shall provide that in the event of termination of the insurance priorto the scheduled maturity date of the indebtedness, any refund of an amountpaid by the debtor for insurance shall be paid or credited promptly to theperson entitled to it; provided, that the commissioner shall prescribe aminimum refund and no refund which would be less than the minimum need be made.The formula to be used in computing the refund shall be filed with and approvedby the commissioner.

   (c) If a creditor requires a debtor to make any payment forcredit life insurance and an individual policy or group certificate ofinsurance is not issued, the creditor shall immediately give written notice tothe debtor and shall promptly make an appropriate credit to the account.

   (d) The amount charged by the creditor to the debtor for anycredit life insurance shall not exceed the premium rate filed with thecommissioner for the coverage provided.