California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 4.10 - Rates for Credit Property Insurance and Credit Unemployment Insurance
Article 3 - Regulation of Rates
Section 2670.11 - Cancellation of Coverage and Return Premium
This section applies to all credit property insurance and credit unemployment insurance coverages except single interest credit property insurance coverage on closed end plans of indebtedness. In the event the certificate holder cancels coverage, any return premium shall be computed on a prorata basis if the premium is paid monthly, and by the Rule of 78's if the premium is a single payment premium and the coverage provided pays off the entire balance of the certificate holder's indebtedness.
1. New section
filed 3-10-2003; operative 4-9-2003. Submitted to OAL for printing only pursuant to
Government Code section
11343.8 as a
regulation that establishes rates in accordance with Government Code section
11340.9(g)
(Register 2003, No. 11).
2. Change without regulatory effect withdrawing
and repealing section pursuant to settlement agreement in Consumer Credit Insurance
Association v. John Garamendi (California Superior Court No. 03CS00533) filed
5-27-2004 pursuant to section
100, title 1, California Code of
Regulations (Register 2004, No. 22).
3. New section filed 4-28-2006;
operative 5-28-2006. Submitted to OAL for printing only pursuant to Government Code
section
11343.8 as a
regulation that establishes rates in accordance with Government Code section
11340.9(g)
(Register 2006, No. 17).
Note: Authority cited: Sections 779.21, 779.36, 12921 and 12926, Insurance Code; Credit Insurance General Agents Association v. Payne, 16 Cal.3d 651 (1976); and 20th Century v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections 481(a), 779.36 and 1861.05, Insurance Code.
