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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
143
:
INSURANCE PREMIUM FINANCE COMPANIES
§
7010. Return premiums
Whenever a
financed insurance contract is cancelled, the insurer shall return whatever
gross unearned premiums are due under the insurance contract directly to the
insurance premium finance company for the account of the insured or insureds as
soon as reasonably possible, but in no event shall the period for payment
exceed 60 days after the effective date of cancellation of the insurance
contract. In the event that the crediting of return premiums to the account of
the insured results in a surplus over the amount due from the insured, the
insurance premium finance company shall refund such excess to the insured
provided that no such refund shall be required if it amounts to less than
$1.00, unless specifically requested by the insured. (Added 1983, No. 77, § 1.)