Section 56-49-109 - Refund of unearned premiums and charges(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 the termination date of creditor-placed insurance coverage, the insurer shall provide to the debtor a statement of refund disclosing the effective date, the termination date, the amount of premium being refunded and the amount of premium charged for the coverage provided. No statement shall be required in the event that the policy terminates pursuant to § 56-49-104(b)(4).(c) The entire amount of premiums, minimum premiums, fees or charges of any kind shall be refunded if no coverage was provided.