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§27-29-13.2  Cancellation provisions for return of unearned premium. –

Published: 2015

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Unfair Competition and Practices

SECTION 27-29-13.2

   § 27-29-13.2  Cancellation provisions for

return of unearned premium. –

Every insurance policy issued and approved for use in Rhode Island shall

provide clear language on the method of calculation of the unearned premium

portion to be returned to the insured if the policy is cancelled. Insurance

policies shall not state "refer to manuals" to determine the amount of unearned

premium to be returned. For all cancellations, the actual percentage retained

by the insurer shall be discernible in the policy cancellation provisions. If

a policy is canceled using a short-rate table, the insurer shall provide the

short-rate table within the cancellation provisions of the insurance policy so

that an insured can make an informed decision when cancelling a policy midterm.

Insurers shall not impose cancellation fees when insurance policies are

cancelled using short rate tables.

History of Section.

(P.L. 2005, ch. 69, § 1; P.L. 2005, ch. 79, § 1; P.L. 2009, ch. 303,

§ 6; P.L. 2009, ch. 304, § 6.)