18 Del. Admin. Code § 2001-20.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2001-20.0 - Application of Unearned Premiums

20.1 Whenever a financed insurance contract is cancelled, the insurer, on written notice of such cancellation, shall promptly return whatever gross unearned premiums are due under the insurance contract to the licensee, either directly or via the agent, agency or broker placing the insurance, for the account of the insured or insureds.

20.2 In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the licensee may refund such excess to the insured via his insurance agent, agency or broker, provided that no such refund shall be required if it amounts to less than $1.

20.3 When a financed insurance contract is cancelled, the insurer shall promptly file with the licensee and producer a report setting forth an itemization of the gross unearned premiums under such policy, as of cancellation, and the licensee shall promptly file with the agent, agency or broker placing the insurance, a report setting forth an itemization of the unearned service charges under such financed contract. A licensee must accept only gross unearned premiums from the insurer.

18 Del. Admin. Code § 2001-20.0