Section 4109 - Premiums and refunds(a) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the Commissioner its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the Commissioner. No insurer shall issue any credit life insurance policy or credit accident and health insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the Commissioner. The Commissioner may require the filing of the schedule of premium rates for use in connection with and as a part of the specific policy filings as provided by section 4108 of this title. Each such filing shall be accompanied by payment to the Commissioner of a nonrefundable fee of $50.00 per schedule of premium rates.(b) Each individual policy, group certificate, or notice of proposed insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that the Commissioner shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing such refund shall be filed with and approved by the Commissioner.(c) If a creditor requires a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the amount.(d) The amount charged by the creditor to the debtor for any credit life or credit health and accident insurance shall not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined.(e) Nothing in this chapter shall be construed to authorize any payments for insurance prohibited under any statute or rule governing credit transactions. However, in the case of a debtor under chapter 73 of this title, the collection of identifiable charges for group credit life insurance by the creditor shall not be deemed as a violation of said chapter if the transaction complies with this chapter and the payment of such identifiable charge is optional with the debtor.Added 1959, No. 221, § 8; amended 1961, No. 195, § 2, eff. 7/5/1961; 1985, No. 236 (Adj. Sess.), § 8; 1991, No. 166 (Adj. Sess.), § 4.