Sec. 38a-167. (Formerly Sec. 38-297). Insurance premium finance agreement requirements.
246 words·~1 min read·
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(a)Every insurance premium finance agreement shall
(1)be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight-point type;
(2)contain the name and place of business of the insurance agent negotiating the related insurance contract, the name and address or the place of business of the insurance premium finance company to which payments are to be made, a description of the insurance contracts involved and the amount of the premium therefor; and
(3)set forth the following information when applicable:
(A)The total amount of the premiums,
(B)the amount of the down payment,
(C)the principal balance (being the difference between the total amount of the premiums and the amount of the down payment),
(D)the amount of the service charge,
(E)the balance payable by the insured (being the sum of the principal balance and the amount of the service charge), and
(F)the number of installments required, the amount of each such installment expressed in dollars and the due date or period thereof.
(b)Nothing herein shall be deemed to require that the items set out in subdivision
(3)of subsection
(a)of this section shall be shown in any insurance premium finance agreement in the sequence or order in which they appear in said subdivision and additional items may be included in any such agreement to explain the computations made in determining the amount to be paid by the insured.