Such disclosure shall be in addition to any disclosures required by the applicable laws of other appropriate jurisdictions.
Notice of Insurance Cancellation Rights
All refunds under this Paragraph 2.b. will be calculated as of the date of your cancellation of the insurance you have purchased from us. As set forth in Paragraph 3 of this notice, the date of your cancellation of this insurance depends upon the method you use to send the accompanying cancellation form to us.
The foregoing notice form must be delivered to an "individual borrower" only upon his initial purchase of insurance, and not upon his subsequent renewal of that insurance. In the absence of proof to the contrary, receipt of this notice by the "individual borrower" shall be deemed to have occurred ten (10) days after the date of mailing as established by an adequate record maintained by the insurance division or subsidiary.
Contemporaneously with the delivery of the notice form described in Paragraph 2.2.1 of this regulation, a bank or trust company described in such Paragraph shall deliver the following written cancellation form or its substantial equivalent to any "individual borrower" (as defined in 5 Del.C. § 930 (f)) who has purchased insurance from such bank or trust company or any subsidiary thereof under circumstances where the procurement of such insurance (whether from the bank or trust company or from any other source) is lawfully made an express condition of any extension of credit by such bank or trust company:
Cancellation Notice
The undersigned, pursuant to the provisions of 5 Del.C. § 930, hereby cancels the purchase of insurance obtained from [insert name of insurance division or subsidiary], and requests a refund or credit of the premium paid for such insurance, as follows (check only one of the following 3 alternatives):
Unconditional Refund of Premium. YOU ARE ONLY ENTITLED TO SUCH A PREMIUM REFUND IF THIS CANCELLATION FORM IS DELIVERED TO (insert name of insurance subdivision or subsidiary) WITHIN THE FIRST TEN (10) DAYS OF THE CANCELLATION PERIOD (see Paragraph 2.a of the "Notice of Insurance Cancellation Rights" provided to you with this Cancellation Form).
Refund of Unearned Portion of Premium (see Paragraph 2.b.(i) of the "Notice of Insurance Cancellation Rights" provided to you with this Cancellation Form).
Credit of Unearned Portions of Premium and Applicable Finance Charges (see Paragraph 2.b.(ii) of the "Notice of Insurance Cancellation Rights" provided to you with this Cancellation Form).
If the insurance I am cancelling is against loss of, damage to, or liability arising out of the ownership of use or, property which I pledged or otherwise used to secure an extension of credit from [insert name of insurance division or subsidiary], I have enclosed with this Cancellation Form a certificate of insurance showing that I have obtained other adequate insurance against such risks, and I understand that [insert name of insurance division or subsidiary] has no obligation to honor this Cancellation Form if I have not enclosed such a certificate of insurance.
Purchaser Signature
Date of Signature
IMPORTANT NOTICE: THIS CANCELLATION FORM IS EFFECTIVE WHEN DELIVERED TO [insert name of insurance division or subsidiary] AT THE FOLLOWING ADDRESS;
[insert address]
IF THIS CANCELLATION FORM IS SENT BY FIRST-CLASS MAIL, POSTAGE PREPAID, IT WILL BE DEEMED TO HAVE BEEN DELIVERED WHENMAILED. THE POSTMARK ON THE ENVELOPE IN WHICH THIS FORM IS MAILED WILL BE CONCLUSIVE EVIDENCE OF THE DATE ON WHICH YOU MAILED IT. IF THE CANCELLATION FORM IS SENT BY ANY OTHER MEANS, IT WILL BE DEEMED TO HAVE BEEN DELIVERED WHEN RECEIVED BY [insert name of insurance division or subsidiary].
The foregoing cancellation form must be delivered to an "individual borrower" only upon his initial purchase of insurance, and not upon his subsequent renewal of that insurance. Such cancellation form may be appended to, incorporated in, or otherwise made a part of the notice form described in Paragraph 3.2.2.2 of this regulation.
Payment of Any Insurance Policy is Controlled by Delaware Law
Delaware banks and trust companies are NOT liable for any insurance policies issued by their subsidiaries or divisions; such policies are not insured by the Federal Deposit Insurance Corporation.
If the subsidiary or division of a bank or trust company that has issued an insurance policy becomes insolvent or is otherwise unable to fulfill its obligations under that policy, the policyholder has no claim against the assets of the bank or trust company itself, but only against the assets of the issuing subsidiary or division.
5 Del. Admin. Code § 903-2.0