Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 6 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE
Subchapter 4 - SUPERVISION OF CREDIT INSURANCE OPERATIONS AND PROHIBITED TRANSACTIONS
Section 16-6-15 - Responsibility of insurer to review each lender's account
Universal Citation: HI Admin Rules 16-6-15
Current through August, 2024
(a) Each insurer transacting credit insurance in this State shall be responsible to make a reasonable review of each creditor's procedures, at least annually, with respect to its credit insurance business with such creditor to assure compliance with the laws of this State and shall be prepared to exhibit the results of such review upon request of the insurance commissioner.
(b) The review required in subsection (a) shall include but shall not be limited to:
(1) A determination that the proper rates are
being charged by the creditor;
(2)
A determination that the proper refunds are being made;
(3) A determination that all claims are being
filed and properly handled;
(4) A
determination that amounts of insurance payable on death in excess of the
amounts necessary to discharge the indebtedness are properly refunded;
and
(5) A determination that the
creditor is promptly and fairly processing complaints concerning its credit
insurance operations and is maintaining proper procedures for and records of
the complaints processed.
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