Section 3.28.360. Refund formulas.

Latest version.

	(a)  An insurer may not charge a premium for consumer credit insurance for a loan month in which the policy is terminated within the first 15 days. An insurer may charge a full month's premium if a consumer credit insurance policy is terminated on or after the 16th day of the loan month.  
	(b)  As part of a rate filing an insurer shall file the formula to be used in computing refunds. The method of computing refunds must be clearly stated in a group policy, group certificate, or individual policy.  
	(c)  An insurer is not required to make a refund of $5 or less unless an existing debt is refinanced or consolidated.

Authorities

21.06.090;21.57.060;21.57.090;21.57.130

Notes

Reference

3 AAC 28.320

Authority
 AS 21.06.090  
AS 21.57.060  
AS 21.57.090  
AS 21.57.130  
History Eff. 3/29/81, Register 77; am 6/6/93, Register 126; am 7/2/2001, Register 158

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');