§ 56-49-104. Effective Dates of Insurance — Insurance Charges
Creditor-placed insurance shall become effective on the latest of the following dates: The date of the credit transaction; The date prior coverage, including prior creditor-placed insurance coverage, lapsed; One (1) year before the date on which the related insurance charge is made to the debtor’s account; or A later date provided for in the agreement […]
§ 56-49-105. Premium Rates
Premiums for creditor-placed insurance coverage may be calculated based on: An amount not exceeding the net debt even though the coverage may limit the insurer’s liability to the net debt, actual cash value or cost of repair; or Other premium calculation methods that more closely reflect the exposure of each item insured and approximate the […]
§ 56-49-106. Exclusion From Coverage
Creditor-placed insurance coverage shall not include: Coverage for the cost of repossession; Skip, confiscation and conversion coverage; Coverage for payment of mechanics’ or other liens that do not arise from a covered loss occurrence; Coverage that requires a debtor’s insurance deductible to be less than two hundred dollars ($200); or Coverage that is broader than […]
§ 56-49-107. Policy Delivery to Debtor
Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first class mail, or delivered in person to the last known address of the debtor.
§ 56-49-108. Commissioner Approval of Forms and Rates
All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates pertaining to the policy forms or certificates shall be filed with the commissioner. The commissioner shall within thirty (30) days after the filing of the policy forms and certificates of insurance disapprove […]