11 N.C. Admin. Code 4.0433

Current through Register Vol. 38, No. 20, April 15, 2024

Section 04 .0433 - REFUND OF AUTO INSURANCE PREMIUM ON NEW BUSINESS

If an insured asks an insurer to cancel a newly issued motor vehicle insurance policy on or before the premium billing due date, the unearned premium refund made by the insurer shall be made on a pro rata rather than a short rate basis, and the refund shall be based on the premium initially quoted by the insurer if both of the following conditions are met:

(1) The insured provided the insurer with accurate and complete rating information.

(2) The insurer subsequently calculated the premium to be greater than the premium initially quoted.

11 N.C. Admin. Code 04 .0433

Authority G.S. 58-2-40; 58-36-85; 58-63-65;
Eff. April 1, 1995;
Readopted Eff. December 1, 2021.

Authority G.S. 58-2-40; 58-36-85; 58-63-65;
Eff. April 1, 1995.

Readopted by North Carolina Register Volume 36, Issue 13, January 3, 2022 effective 12/1/2021.