31A-21-302. Premiums.
(1) Subject to Section 31A-21-310 and Subsection 31A-21-106(1), the policy shall
clearly state the amount of the total premium or shall explain in detail how it is calculated. Any
fee, charge, or other consideration that is not part of the premium shall be disclosed and
explained in writing to the insured. The disclosure and explanation shall be clearly stated either
on the policy, or on the insurer's billing to the insured. The premium need not be contained in a
certificate issued under a group policy. This Subsection (1) does not preclude premium
adjustments or changes upon the renewal or endorsement of an existing policy. However, the
renewal or endorsement notice shall contain or be accompanied by a statement of the renewal or
endorsement premium or credit.
(2) Except as provided in Chapter 23a, Insurance Marketing - Licensing Producers,
Consultants, and Reinsurance Intermediaries, no person may charge or receive any consideration
for the insurance policy which is not stated in Subsection (1).
(3) No person may knowingly collect any excessive amount as a premium or any amount
for insurance which is not in the course of processing. Any amount unknowingly collected shall
be returned immediately on learning of the mistake. Prepayment of premiums pursuant to the
policy is not an excessive collection. Insurance is in the course of processing if an application
has been made for it which is being considered by the insurer, even though it has not yet been
accepted or rejected.
Amended by Chapter 298, 2003 General Session
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Last revised: Thursday, May 28, 2009