31A-21-315 - Refund of canceled health insurance premiums and Medicare supplement insurance premiums.
31A-21-315. Refund of canceled health insurance premiums and Medicaresupplement insurance premiums.
(1) As used in this section, "unearned amount of the collected premium" means theamount of the collected premium applicable to the unexpired portion of the time period to whichthe policy or certificate relates.
(2) If a health insurance policy or a Medicare supplement policy is cancelled for a reasonother than a material misrepresentation, the insurer shall refund the unearned amount of thecollected premium.
(3) If an insurer cancels a health insurance policy or a Medicare supplement policybecause of a material misrepresentation on the application, the insurer shall refund all premiumscollected minus claims that have been paid.
Amended by Chapter 156, 2009 General Session