Ariz. Admin. Code § R20-6-604.06 - Refund Methods
A. When
refunding premiums as prescribed in A.R.S. §
20-1611, an
insurer shall use the following methods:
1.
For insurance paid by a single premium, the Rule of Anticipation method;
and
2. For insurance paid by other
than a single premium, a method that refunds at least the pro rata gross
unearned amount charged to the debtor.
B. The Director may approve other refund
methods similar to those described in subsection (A), that are actuarially
equivalent to the type of coverage the debtor purchased.
C. An insurer's refund method may recognize
adjustments to a daily basis for interest or payments if the adjustments are
consistent with the underlying credit transaction.
D. An insurer is not required to refund any
amount less than $5.
Notes
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