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(a) Within sixty (60) calendar days after the termination of creditor-placed insurance coverage and in accordance with the formulas approved by the Insurance Commissioner, an insurer shall refund any unearned premium or other identifiable charges.
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(b)
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(1) Within sixty (60) calendar 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.
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(2) No statement shall be required in the event that the policy terminates pursuant to § 23-101-105(b)(4).
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(c) The entire amount of premiums, minimum premiums, and fees or charges of any kind shall be refunded if no coverage was provided.
