58-19-15.   Termination of insurance prior to maturity date--Refund of amount paid by debtor. Each individual policy, or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that the director shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing such refund shall be promulgated in a rule by the director.

Source: SL 1966, ch 111, ch 27, § 8 (2); SL 1986, ch 22, § 30.

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