§431:10B-109  Premiums and refunds. (a)  Any insurer may revise its schedules of premium rates from time to time,and shall file the revised schedules for approval with the commissioner.  Noinsurer shall issue any credit life insurance policy or credit disabilityinsurance policy for which the premium rate exceeds that determined by theschedules of the insurer as then on file with and approved by the commissioner.

(b)  Each individual policy, group certificate,or notice of proposed insurance shall provide that in the event of terminationof the insurance prior to the scheduled maturity date of the indebtedness, anyrefund of an amount paid by the debtor for the insurance shall be paid orcredited promptly to the person entitled thereto; provided that thecommissioner, by rules and regulations, shall prescribe a minimum refund and norefund which would be less than the minimum need be made.  The formula to beused in computing the refund shall be filed with and approved by thecommissioner.

(c)  If a creditor requires a debtor to makeany payment for credit life insurance or credit disability insurance and anindividual policy or group certificate of insurance is not issued, the creditorshall immediately give written notice to the debtor and shall promptly make anappropriate credit to the next payment due on the account.

(d)  The amount charged to a debtor for anycredit life or credit disability insurance shall not exceed the premium chargedby the insurer, as computed at the time the charge to the debtor is determined.

(e)  Nothing in this article shall be construedto authorize any payments for insurance now prohibited under any statute, orrule thereunder, governing credit transactions. [L 1987, c 347, pt of §2]