2005 Idaho Code - 41-2310 — PREMIUMS AND REFUNDS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 23
                            CREDIT LIFE AND CREDIT
                             DISABILITY INSURANCE
    41-2310.  PREMIUMS AND REFUNDS. (1) Any insurer may revise its schedules
of premium rates from time to time, and shall file such revised schedules with
the director. No insurer shall issue any credit life insurance or credit
disability insurance policy for which the premium rate exceeds that determined
by the schedules of such insurer as then on file with the director.
    (2)  Each individual policy or group certificate shall provide that in the
event of termination of the insurance prior to the scheduled maturity date of
the indebtedness, any refund of an amount paid by the debtor for insurance
shall be paid or credited promptly to the person entitled thereto; provided,
however, that the director shall prescribe a minimum refund and no refund
which would be less than such minimum need be made. The formula to be used in
computing such refund shall be filed with and approved by the director.
    (3)  If a creditor requires a debtor to make any payment for credit life
insurance or credit disability insurance and an individual policy or group
certificate of insurance is not issued, the creditor shall immediately give
written notice to such debtor and shall promptly make an appropriate credit to
the account.
    (4)  The amount charged to a debtor for any credit life or credit
disability insurance shall not exceed the premiums charged by the insurer, as
computed at the time the charge to the debtor is determined.
    (5)  Nothing in this chapter shall be construed to authorize any payments
for insurance now prohibited under any statute, or rule thereunder, governing
credit transactions.