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- Alaska Statutes.
- Title 21. Insurance
- Chapter 57. Consumer Credit Insurance
- Section 90. Premiums and Refunds.
previous: Section 80
. Filing of Forms and Rates.
next: Section 100
. Issuance of Policies.
AS 21.57.090. Premiums and Refunds.
- (a) An insurer may revise its schedules of premium rates from time to time, and file the revised schedules with the
director. An insurer may not issue a consumer credit insurance policy for which the premium rate differs from that
determined by the schedules of the insurer then approved by the director.
- (b) An individual policy or group certificate must provide for a refund of all unearned premiums if the insurance is
terminated before the scheduled maturity date of the insurance and notice of termination is given to the insurer. The
refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled to it;
provided, however, that the director shall prescribe a minimum refund and a refund that would be less than the minimum
need not be made. A refund formula that an insurer desires to use must provide refunds that are at least as favorable
to the debtor as refunds based on the rule of anticipation. The formula to be used in computing refunds shall be filed
with and approved by the director.
- (c) If a creditor requires a debtor to make a payment for consumer credit insurance and an individual policy or group
certificate of insurance is not issued, the creditor shall immediately give written notice to the debtor and shall
promptly make an appropriate credit to the account or issue a refund.
- (d) The amount charged to a debtor for consumer credit insurance may not exceed the premium charged by the insurer, as
computed at the time the charge to the debtor is determined.
- (e) Nothing in this chapter may be construed to authorize a payment for insurance prohibited under other provisions of law
governing credit transactions.
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