31A-22-808 - Premiums and refunds. - Utah Statutes

31A-22-808. Premiums and refunds.
(1) Each policy, certificate, or statement of insurance shall provide that in the event oftermination of the insurance prior to the scheduled maturity date of the indebtedness, any refundof an amount paid by the debtor for insurance shall be paid or credited promptly to the personentitled to it. The formula used in computing the refund shall be filed with and approved by thecommissioner under Chapter 21, Part 2, Approval of Forms. No refund is required if it would beless than $5.
(2) If a creditor requires a debtor to make any payment for credit life or credit accidentand health insurance and an individual policy, certificate, or statement of insurance is not issued,the creditor shall immediately give written notice to the debtor and credit the account.
(3) The amount charged the debtor for credit life or accident and health insurance maynot exceed the premiums charged by the insurer as computed at the time the charge to the debtoris determined.

Amended by Chapter 90, 2004 General Session