North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 04 - CONSUMER SERVICES DIVISION
Section .0400 - PROPERTY AND LIABILITY
Section 04 .0433 - REFUND OF AUTO INSURANCE PREMIUM ON NEW BUSINESS

Universal Citation: 11 NC Admin Code 04 .0433

Current through Register Vol. 39, No. 6, September 16, 2024

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.

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

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