Source: https://rules.sos.ri.gov/regulations/part/230-20-60-1
Timestamp: 2020-08-04 15:10:18
Document Index: 216696917

Matched Legal Cases: ['§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', 'art 4', '§ 1', '§ 1']

230-RICR-20-60-1 ACTIVE RULE
6.	Prepayment of Debt. If a debtor prepays the debt in full then any consumer credit insurance covering the debt shall be terminated and an appropriate refund of the consumer credit insurance premium shall be paid or credited to the debtor in accordance with § 1.9 of this Part. However, if the prepayment is a result of death or any other lump sum consumer credit insurance payment, no refund shall be required for the coverage under which the lump sum was paid. If a claim under credit accident and health coverage or credit unemployment coverage is in progress at the time of prepayment, the amount of refund may be determined as if the prepayment did not occur until the payment of benefits terminates. No refund need be paid during any period of disability for which credit accident and health benefits are payable or during any period of unemployment for which credit unemployment benefits are payable. A refund shall be computed as if prepayment occurred at the end of the disability period or at the end of the unemployment period.
B	For the purpose of § 1.5(A) of this Part, prima facie premium means premium using the premium rates set out in §§ 1.6 and 1.7 of this Part, or actuarially consistent premium rates for plans not described in §§ 1.6 and 1.7 of this Part, without any adjustment pursuant to § 1.10 of this Part.
D.	Insurers may use the same application forms for credit life insurance whether or not underwriting questions are asked pursuant to § 1.6(C) of this Part. The commissioner will presume that any application form for which all relevant underwriting questions have been left unanswered represents a policy which has not been underwritten and for which prima facie rates are permissible. A form for which any relevant underwriting questions have been answered or filled in represents a policy for which premium decreases pursuant to § 1.6(C) of this Part are required. Insurers should maintain in their files their rules for those circumstances where underwriting questions shall be asked. Those rules shall be communicated to and followed by the insurer’s agents or other producers.
D.	If the benefits provided are other than those described in §§ 1.7(A) or 1.7(B) of this Part above, rates for those benefits shall be actuarially consistent with rates provided in §§ 1.7(A) and 1.7(B) of this Part.
A.	Each insurer doing insurance business in this state shall annually file with the commissioner and the National Association of Insurance Commissioners (NAIC) Support and Services Office a report of consumer credit insurance written on a calendar year basis. The report shall utilize the Credit Insurance Supplement—Annual Statement Blank as approved by the NAIC, and shall contain data separately for each state, rather than an allocation of the company’s countrywide experience. The filing shall be made in accordance with and no later than the due date in the Instructions to the Annual Statement.
B.	Written records of such reviews shall be maintained by the insurer for review by the Insurance Commissioner in accordance with Part 4 of this Subchapter.
C.	Any deviations thought to be appropriate by an insurer as a result of promulgation of this regulation shall be filed in accordance with the provisions of § 1.11 of this Part no later than July 1, 2010.
1.7(D): A citation was corrected. The correct citation in this section now reads "§§ 1.7(A) or 1.7(B) of this Part above."
1.12: Reference to 230-RICR-20-60-4 was corrected to follow normal RICR style and a hyperlink was added for ease of use.
Minor grammatical changes in 1.3(C)(6), 1.6(D), 1.10(A), and 1.16(C).
No substantive changes were made to this Part.
ACTIVE RULE Technical Revision - effective from 06/30/2010 to Current