On May 1, DEL BANK proposed automobile insurance premium refunds
DEL BANK reproposed new Regulation 611 Automobile insurance premium refunds.
Original proposal received comments that requested substantive changes, #196756.
Provided regulatory flexibility analysis and impact statement for proposed revisions.
Proposed Rule
Regulation would require insurers to refund any unearned automobile insurance premium on a cancelled policy within 30 days of the date when refund becomes due.
Applies to all automobile insurance policies; refunds to be paid in the same manner in which the premium was paid, by check if the original payment method is unavailable.
If policy subject to regulation is cancelled by an insurance premium finance company, the unearned premium shall be refunded to the insurance premium finance company.
Becomes effective 90 days after date of publication of notice of adoption in register.
Consultation
Comments on proposed rule are due May 31, 2024.
Aug. 2024 DEL BANK State Register
On Aug. 1, 2024, DEL BANK published reproposal in State register, effective Oct. 30.
Regulators
DEL BANK
Entity Types
Ins
Reference
DEL SR Vol. 28, Is. 2, p. 144, 8/1/2024; RF, DEL SR Vol. 27 Is. 11 p. 856, 5/1/2024;
