(a) No policy of credit unemployment insurance and no certificate, application, notice of proposed group insurance, or other form pertaining to credit unemployment insurance shall be issued or delivered in this State unless such forms and the premium rates, identifiable charges, and/or rating procedures therefor have been filed with the Superintendent of Financial Services and approved by him.

(b) If a group policy of credit unemployment insurance has been or is delivered in another state before or after the effective date of this Part [December 27, 1988], the insurer shall be required to file the certificate of group insurance, notice of proposed group insurance, if any, to be delivered or issued for delivery in this State as specified in section 187.4(c)-(d) of this Part (together with its certification that the provisions of said group policy are consistent or shall be made consistent with the provisions of said certificate or notice of proposed group insurance) and such forms may be approved (1) if they conform to the requirements specified in said subdivisions, and (2) if the schedules of premium rates applicable to the insurance evidenced by such certificate or notice are not in excess of either the insurer's schedule of premium rates or rates produced by the rating procedures on file with and approved by the Superintendent of Financial Services.

(c) No individual credit unemployment insurance policy, group credit unemployment certificate, nor any related form shall be offered or effected, directly or indirectly, as an inducement to, or in combination with, the purchase by the public of any goods, securities, commodities, services or subscriptions to periodicals, except credit unemployment insurance may be offered in combination with all or any of the kinds of insurance authorized in paragraphs (3), (7) and (20) of subdivision (a) of section 1113 of the Insurance Law, and in combination with credit transactions. Use of an individual credit unemployment insurance policy or related form shall be limited to insurance, otherwise lawful, of an individual borrower or other person obligated under a loan not arranged by, or in cooperation with, a seller of goods, securities, commodities, services or subscriptions to periodicals.