Section 7.03 - Correction of Incorrect Premium Payment(1) If a Local Governmental Unit continues to bill a retiring teacher and also receives premium payment after the retiring teacher's effective date of Commission coverage, the Local Governmental Unit shall refund the payment to the retiring teacher upon satisfactory proof of payment.(2) If a Local Governmental Unit ceases billing a retiring teacher before his or her Retired Municipal Teacher's coverage effective date, creating a premium payment lapse, the Local Governmental Unit shall bill the teacher for past and current premium due until the Commission notifies the Local Governmental Unit to discontinue billing.(3) If the Commission's premium is not deducted from the retiring teacher's pension or annuity, the Commission shall bill the teacher directly until the premium has been deducted. Failure to pay the required premium on time shall result in termination of coverage.