Section 176A. An insurance agent or broker or premium finance agency who has received a return premium on any motor vehicle insurance policy shall within thirty days thereof pay over the full amount of said return premium to the person whose insurance policy has been cancelled or to his assignee, unless such person is otherwise indebted to said insurance agent, broker, or premium finance agency in which case any such return premium may be applied to such indebtedness and said agent, broker, or premium finance agency shall be required to pay over that portion only of said return premium which exceeds said indebtedness. In the event of payment to the assignee, notice thereof shall be given immediately to the person whose insurance policy has been cancelled. Failure by any agent, broker, or premium finance agency to return the full amount of said return premium or to give notice to the person whose insurance policy has been cancelled shall be sufficient cause in the case of an insurance agent or broker for the commissioner to suspend or revoke all licenses that may have been issued to said agent or broker, and in the case of a premium finance agency for the insurance commissioner to notify the commissioner of banks of the violation of this section.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
