The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 8 V.S.A. § 7010)
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§ 7010. Return premiums
Whenever a financed insurance contract is cancelled, the insurer shall return whatever
gross unearned premiums are due under the insurance contract directly to the insurance
premium finance company for the account of the insured or insureds as soon as reasonably
possible, but in no event shall the period for payment exceed 60 days after the effective
date of cancellation of the insurance contract. In the event that the crediting of
return premiums to the account of the insured results in a surplus over the amount
due from the insured, the insurance premium finance company shall refund such excess
to the insured provided that no such refund shall be required if it amounts to less
than $1.00, unless specifically requested by the insured. (Added 1983, No. 77, § 1.)