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§ 13-112. Refunds

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 13. Credit Life, Health, and Involuntary Unemployment Benefit Insurance (Refs & Annos)
MD Code, Insurance, § 13-112
§ 13-112. Refunds
In general
(a)(1) Subject to paragraph (3) of this subsection, each individual policy or group certificate shall provide that any refund of the amount paid by the debtor for credit life insurance, credit health insurance, or credit involuntary unemployment benefit insurance will be paid or credited promptly to the person entitled to it if the insurance is terminated before the scheduled maturity date of the indebtedness.
(2) The formula to be used in computing a refund shall be filed with and approved by the Commissioner.
(3) The Commissioner shall establish a minimum refund, below which an insurer need not make a refund.
Credits to debtor’s account
(b) If a creditor requires a debtor to make a payment for credit life insurance, credit health insurance, or credit involuntary unemployment benefit insurance and an individual policy or group certificate is not issued, the creditor immediately shall give written notice to the debtor and promptly shall make an appropriate credit to the debtor's account.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 436-I.
MD Code, Insurance, § 13-112, MD INSURANCE § 13-112
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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