Title 56, Insurance

(a) Premiums for creditor-placed insurance coverage may be calculated based on:(1) An amount not exceeding the net debt even though the coverage may limit the insurer's liability to the net debt, actual cash value or cost of repair; or(2) Other premium calculation methods that mo…

(a) Creditor-placed insurance coverage shall not include:(1) Coverage for the cost of repossession;(2) Skip, confiscation and conversion coverage;(3) Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence;(4) Coverage that requires a de…

Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first class mail, or delivered in person to the last know…

(a) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates pertaining to the policy forms or certificates shall be filed with the commissioner. (b) The commissioner shall within thirty (30) days after…

(a) Within sixty (60) calendar days after the termination of creditor-placed insurance coverage, and in accordance with the formulas approved by the commissioner, an insurer shall refund any unearned premium or other identifiable charges. (b) Within sixty (60) calendar days after…

(a) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss:(1) The cost to repair the collateral less any applicable deductible;(2) The actua…

(a) In order for the creditor to place insurance on the collateral pledged by the debtor and pass the cost of the insurance on to the debtor:(1) The creditor must have a security interest in the personal property;(2) The credit agreement must require the debtor to maintain insura…

(a) The entire amount of the premium due from a creditor shall be remitted to the insurer or its agent in accordance with the insurer's requirements. No commissions may be paid to, or retained by, a person or entity except a licensed and appointed insurance agent. (b) The retenti…

(a) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless adequate disclosure of the requirement to maintain insurance has been made to the debtor. Adequate disclosure is ac…

(a) The commissioner may conduct investigations or examinations of insurers and agents to ensure compliance with and enforcement of this chapter or any rule, regulation or order under this chapter. The examination or investigation shall be conducted and subject to § 56-1-411 and …

The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. All rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.