(a) The premium rate established under this chapter shall be actuarially determined and commensurate with the insured exposure.
(b) An insured entity shall make payment of the insured entity's premium when demand is made as scheduled in the contract.
(c) (1) An insured entity that does not pay the premium when due shall be charged a rate of interest at five percent (5%) per annum on all payments due and unpaid on the policy issued.(2) If an insured entity does not pay the premium due within thirty (30) days, the insurance coverage may be canceled upon thirty (30) days' notice.
(1) An insured entity that does not pay the premium when due shall be charged a rate of interest at five percent (5%) per annum on all payments due and unpaid on the policy issued.
(2) If an insured entity does not pay the premium due within thirty (30) days, the insurance coverage may be canceled upon thirty (30) days' notice.