56-7-905 - Credit life insurance policies Prohibitions Prerequisites Filings Reports.
56-7-905. Credit life insurance policies Prohibitions Prerequisites Filings Reports.
(a) Credit life insurance policies that provide benefits differing in kind or character from the following shall not be permitted:
(1) Individual policies of credit life insurance issued to debtors on the term plan;
(2) Group policies of credit life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
(3) Other arrangements providing credit life insurance as may be approved by the commissioner.
(b) No insurer shall issue a policy or certificate of credit life insurance covering a resident of this state unless:
(1) The insurer is authorized to do business in this state; and
(2) The policy or certificate is issued through holders of licenses or authorizations issued by the commissioner.
(c) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining to the policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders, shall be filed with the commissioner.
(d) Insurers doing credit life insurance business in this state shall annually file with the commissioner a report of its credit life insurance experience on forms prescribed by the commissioner.
[Acts 1985, ch. 107, § 3.]