§7010. Return premiums

Link to law: http://legislature.vermont.gov/statutes/section/08/143/07010
Published: 2015

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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.)
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