§ 20-1606.01 – Credit unemployment insurance; provisions
20-1606.01. Credit unemployment insurance; provisions A. A credit unemployment insurance policy shall contain benefits that are at least as favorable to insureds as the following provisions: 1. The policy shall provide coverage for unemployment for any reason, except that coverage may be excluded for unemployment due to: (a) Voluntary forfeiture of salary, wage or other […]
§ 20-1607 – Term of insurance
20-1607. Term of insurance A. Subject to acceptance by the insurer, the term of any consumer credit insurance shall commence on the date when the debtor becomes obligated to the creditor. B. Notwithstanding subsection A of this section, the term of a policy that provides coverage for an existing obligation shall commence on the effective […]
§ 20-1608 – Policy provisions and disclosures
20-1608. Policy provisions and disclosures A. Before a debtor elects to purchase consumer credit insurance, the following information shall be disclosed to the debtor in the manner provided in subsection C of this section: 1. Purchase of consumer credit insurance is optional and not a condition of obtaining credit approval. 2. If more than one […]
§ 20-1609 – Filing, approval and disapproval of forms
20-1609. Filing, approval and disapproval of forms A. A person shall not use or issue for delivery in this state a policy, certificate of insurance, application for insurance, endorsement or rider that relates to consumer credit insurance unless the person has first filed the form with the director and the director has approved the form. […]
§ 20-1610 – Premiums for consumer credit insurance; approval or disapproval of rates
20-1610. Premiums for consumer credit insurance; approval or disapproval of rates A. The consumer credit insurance charge to the debtor shall not exceed the premium for the particular coverage that is specified in the insurer’s rate schedule on file with the director. If the premium is less than that specified in the rate schedule, the […]
§ 20-1611 – Refunds
20-1611. Refunds A. Each individual policy or group certificate of consumer credit insurance shall provide that, in the event of termination of insurance prior to the scheduled maturity date of the debt, any refund of an amount paid by the debtor for insurance shall be remitted or credited promptly to the person entitled to the […]
§ 20-1612 – Authorization for issuance of policies
20-1612. Authorization for issuance of policies A. Each policy, certificate of insurance, application for insurance, endorsement and rider of consumer credit insurance delivered or issued for delivery in this state shall be by an insurer authorized by the director to transact insurance in this state. B. In any transaction where a premium is collected from, […]
§ 20-1613 – Reporting and settlement of claims
20-1613. Reporting and settlement of claims A. In accordance with the terms of the applicable insurance contract, each claim shall be promptly reported to the insurer or to its designated claim representative and once reported shall be settled as soon as practicable. B. Each claim shall be paid either by draft drawn upon the insurer, […]
§ 20-1614 – Debtor’s option in satisfying security
20-1614. Debtor’s option in satisfying security When consumer credit insurance is required as a condition to a loan or credit transaction or as security for a debt, if so permitted by law, the debtor, upon request to the creditor, shall have the option of satisfying the requirements by furnishing existing policies of insurance in sufficient […]
§ 20-1615 – Rules
20-1615. Rules In the manner prescribed by section 20-143, the director may make reasonable rules as the director deems appropriate for proper administration of this article.