Sec. 1617.
(1) Not later than 60 days after the termination of creditor-placed insurance coverage, and in accordance with sections 2833(1)(h) and 3020(1)(c), an insurer shall refund any unearned premium or other identifiable charges.
(2) Not later than 60 days after the termination date of creditor-placed insurance coverage, the insurer shall provide to the debtor a statement of refund disclosing the effective date, the termination date, the amount of premium being refunded, and the amount of premium charged for the coverage provided.
(3) If coverage under this chapter is not provided, the entire amount of premiums, minimum premiums, fees, or charges of any kind shall be refunded.
History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-16. - Chapter 16. Creditor-Placed Insurance (500.1601...500.1631)
Section 500.1601 - Insurer or Producer Transacting Creditor-Placed Insurance; Scope.
Section 500.1603 - Private Cause of Action Not Created.
Section 500.1605 - Definitions.
Section 500.1607 - Dates on Which Insurance Effective or Terminated.
Section 500.1609 - Premiums; Calculation; Limitation; Charges Creating Balloon Payment Prohibited.
Section 500.1611 - Exclusions.
Section 500.1613 - Evidence of Insurance Coverage.
Section 500.1617 - Refund of Unearned Premium or Other Charges; Statement of Refund; Amount.
Section 500.1621 - Insurance on Collateral; Conditions.
Section 500.1623 - Rebates or Inducements; Prohibitions.
Section 500.1629 - Judicial Review; Court Order.
Section 500.1631 - Violation of Order of Commission; Penalty.