Sec. 8. 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.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 4. Credit Life and Credit Accident and Health Insurance
27-8-4-0.1. Application of Certain Amendments to Chapter
27-8-4-2. Citation; Scope; Definitions
27-8-4-4. Limitations on Amount of Insurance
27-8-4-7. Filing of Documents; Disapproval of Form of Policy; Effect; Withdrawal of Approval; Review
27-8-4-8. Revision of Rate Schedules; Credit or Refund of Premiums
27-8-4-9. Persons Authorized to Issue or Deliver Policies
27-8-4-9.5. Debtor's Right to Cancel Policy; Required Provisions in Application Form; Time Limit
27-8-4-10. Report, Adjustment, and Settlement of Claims
27-8-4-11. Debtor's Choice of Insurer; Use of Existing Policies