(1) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the director its schedule of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the director. No insurer shall issue any credit life insurance policy or credit accident and health insurance policy for which the premium rates exceed that determined by the schedules of such insurer as then on file with the director.
(2) Each individual policy, group certificate or notice of proposed insurance 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, that the director shall permit 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 filed with and approved by the director.
(3) If a creditor required a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account.
(4) The amount charged by the creditor to the debtor for credit life insurance or credit accident and health insurance shall not exceed the premium rate filed with the director for the coverage provided.
(5) Nothing in sections 44-1701 to 44-1713 shall be construed to authorize any payments for insurance now prohibited under any statute, or rule thereunder, governing credit transactions.