§ 27-8-4-8 — Revision of rate schedules; credit or refund of premiums

A. Any insurer may revise its schedules of
premium rates from time to time, and shall file such revised schedules
with the commissioner. No insurer shall issue any credit life insurance
policy or credit accident and health insurance policy for which the
premium rate exceeds that determined by the schedules of such insurer
as then on file with the commissioner.
B. Each individual policy, or group certificate shall provide that in
the event of termination of the insurance prior to the scheduled
maturity date of the indebtedness, any refund of an amount paid by the
debtor for insurance shall be paid or credited promptly to the person
entitled thereto; Provided, however, That the commissioner shall
prescribe a minimum refund and no refund which would be less than
such minimum need be made. The formula to be used in computing
such refund shall be filed with and approved by the commissioner.
C. If a creditor requires a debtor to make any payment for credit life
insurance or credit accident and health insurance and an individual
policy or group certificate of insurance is not issued, the creditor shall
immediately give written notice to such debtor and shall promptly
make an appropriate credit to the account.
D. The amount charged to a debtor for any credit life or credit health
and accident insurance shall not exceed the premiums charged by the
insurer, as computed at the time the charge to the debtor is determined.
Formerly: Acts 1961, c.47, s.8.