28 Tex. Admin. Code § 5.7015 - Refund of Unearned Premium
(a)
Insurers must refund the appropriate portion of any unearned premium to the
policyholder not later than the 15th business day after the effective date of
cancellation or termination of a personal automobile or residential property
insurance policy, as required by Insurance Code §
558.002(d).
(b) For purposes of this section and
Insurance Code §
558.002(d),
the "effective date of cancellation or termination" means the date the insurer
receives notice of the cancellation or termination, or the date of the
cancellation or termination, whichever is later. This does not change the
actual date of cancellation or termination for calculating the amount of
unearned premium or any other purpose.
(c) Insurers may refund unearned premium by
applying it as a credit to other premium due on the same policy, unless the
policyholder requests otherwise.
(d) This section applies to any unearned
premium, including any that results from cancellation or termination of an
entire policy or an endorsement.
Notes
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