31A-21-315. Refund of canceled health insurance premiums and Medicare
supplement insurance premiums.
(1) As used in this section, "unearned amount of the collected premium" means the
amount of the collected premium applicable to the unexpired portion of the time period to which
the policy or certificate relates.
(2) If a health insurance policy or a Medicare supplement policy is cancelled for a reason
other than a material misrepresentation, the insurer shall refund the unearned amount of the
collected premium.
(3) If an insurer cancels a health insurance policy or a Medicare supplement policy
because of a material misrepresentation on the application, the insurer shall refund all premiums
collected minus claims that have been paid.
Amended by Chapter 156, 2009 General Session
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Last revised: Thursday, May 28, 2009