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N Cal Attorney
N Cal Attorney, Attorney
Category: Legal
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Experience:  since 1983
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I am a small business and my workmans comp insurance carrier

Customer Question

I am a small business and my workmans comp insurance carrier refused to renew my policy this yr .. I have a large refund of 5,035.00 they owe me i sent my audit paperwork in march and there still sitting on my funds is there some law that requires them to send my refund within a certain length of time legally ?
Submitted: 1 year ago.
Category: Legal
Expert:  N Cal Attorney replied 1 year ago.
Thank you for your question.
It looks like they are required to refund the unearned premiums within 80 days or they will have to pay interest, under Cal. Insurance Code
481.5. (a) Whenever a policy of personal lines insurance terminates
for any reason, or there is a reduction in coverage, the insurer
shall tender the gross unearned premium resulting from the
termination, or the amount of the unearned premium generated by the
reduction in coverage, to the insured or, pursuant to Section 673, to
the insured's premium finance company. The gross unearned premium
shall be tendered within 25 business days after the insurer either
receives notice of the event that generated the gross unearned
premium, or receives notice from a premium finance company of a
cancellation.
(b) (1) Whenever a policy other than a policy of personal lines
insurance terminates for any reason, or there is a reduction in
coverage, the gross unearned premium shall be tendered to the insured
or, pursuant to Section 673, to the insured's premium finance
company. If the policy is not auditable, the gross unearned premium
shall be tendered within 80 business days after the insurer either
receives notice of the event that generated the gross unearned
premium, or receives notice from a premium finance company of a
cancellation. If the policy is auditable, the gross unearned premium
shall be tendered within 80 business days after the insured provides
all requested audit information to the insurer or the insurer's
designee.
///
(d) Any unearned premium that an insurer fails to tender within
the time periods specified in subdivisions (a) and (b) shall bear
interest at the rate of 10 percent per annum from and after the date
on which the unearned premium was required to be tendered. For the
purposes of this section, the tender of any unearned premium to the
insured or premium finance company shall be deemed complete upon the
deposit of the unearned premium in the United States mail, prepaid,
addressed to the named insured or premium finance company at the last
known address, or to an agent or broker with an assignment pursuant
to paragraph (1) of subdivision (g).
///
from
http://www.leginfo.ca.gov/cgi-bin/displaycode?section=ins&group=00001-01000&file=480-491
I hope this information is helpful.

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