40-5105. Re-underwriting or re-rating consumer, when; overpayment of premium.
40-5105
40-5105. Re-underwriting or re-rating consumer,when; overpayment of premium.(a) If it is determined through the dispute resolutionprocessset forth in the federal fair credit reporting act, 15 USC 1681i(a)(5), thatthe credit information of a current insured was incorrect or incomplete and ifthe insurer receives notice of such determination from either the consumerreporting agency or from the insured, the insurer shall re-underwrite andre-rate the consumer within 30 days of receiving the notice. Afterre-underwriting or re-rating the insured, the insurer shall make anyadjustments necessary, consistent with such insurer's underwriting and ratingguidelines.
(b) If an insurer determines that the insured has overpaid the premium, theinsurer shall refund to the insured the amount of overpayment calculated backto the shorter of either the last 12 months of coverage or the actual policyperiod.
History: L. 2003, ch. 88, § 6; July 1.