§ 10-18-107 — Right to examine policy - right to refund of premium

Medicare
supplement policies or certificates shall have a notice prominently printed on the
first page of the policy or certificate or attached thereto stating in substance that
the policyholder or certificate holder shall have the right to return the policy or
certificate within thirty days after its delivery and to have any premium refunded if,
after examination of the policy or certificate, the policyholder or certificate holder
is not satisfied for any reason. Any refund made pursuant to this section shall be
paid directly to the policyholder or certificate holder by the insurer in a timely
manner. If a policyholder or certificate holder decides to cancel a policy or
certificate after the first thirty days of coverage and the policyholder or certificate
holder provides the insurer notice of the cancellation at least thirty days before
cancellation, the insurer shall refund a prorated amount of any prepaid premiums
for such policy or certificate based on the subsequent full months of coverage
being canceled.

Legislative History

Source: L. 89: Entire article R&RE, p. 502, � 1, effective July 1. L. 2002: Entire section amended, p. 305, � 1, effective January 1, 2003.