Purpose of section.

- This section recognizes and seeks to protect the interest of an insured debtor in credit life insurance. Betts v. Brown, 218 Ga. 782, 136 S.E.2d 365 (1964).

Determining method of refund pursuant to rules of Industrial Loan Commissioner.

- When the method of determining the insurance refund is not specified by statute, it would properly be a subject for clarification under the rule-making power of the Industrial Loan Commissioner, which rules, if consistent with law, have the force and effect of law. Brown v. Quality Fin. Co., 112 Ga. App. 369, 145 S.E.2d 99 (1965).

Notice.

- Insured's suit seeking a refund of unearned credit life insurance and credit disability policy premiums under O.C.G.A. § 33-31-9(c) was not barred by the insured's failure to give the insurer pre-suit notice of the insured's early payoff of the insured's truck loan; because O.C.G.A. § 33-31-9(c) did not specify a particular time for giving notice, the insured's filing of the complaint constituted sufficient notice. Baker v. Am. Heritage Life Ins. Co., F. Supp. 2d (M.D. Ga. Sept. 1, 2006).

Credit life insurer's failure to refund unearned premiums unless an insured provided written notice to the insurer constituted a breach of the legal duty the insurer owed to the insurer's insureds to refund unearned premiums under O.C.G.A. § 33-31-5. The notice requirement in the policy was not a condition precedent or express stipulation of forfeiture, and failure to return unearned premiums was a breach of the insurer's obligation of good faith and fair dealing. Res. Life Ins. Co. v. Buckner, 304 Ga. App. 719, 698 S.E.2d 19 (2010).

Notice requirement met.

- Because an insurer expressly acknowledged that, by filing suit, the insured satisfied any contractual notice requirement obligating the insurer to return any unearned premium, and a 2005 amendment to O.C.G.A. § 33-31-9 did not affect this result, the appeals court rejected the insurer's claim that the insured's claim in contract was barred due to the insured's failure to submit proof of early loan payoff, as required by both the expressed and implied terms of the insurance contract. J.M.I.C. Life Ins. Co. v. Toole, 280 Ga. App. 372, 634 S.E.2d 123 (2006).

Sufficiency of notice.

- Insureds' failure to provide pre-suit notice of an early loan payoff and an insurer's failure to refund unearned premiums on credit policies because there were no express or implied term in the insurance certificates requiring pre-suit notice and the filing of the lawsuit sufficiently complied with notice required under O.C.G.A. § 33-31-9(c). Bishop's Prop. & Invs., LLC v. Protective Life Ins. Co., F. Supp. 2d (M.D. Ga. Sept. 1, 2006).

Torts related to contract.

- Appellate court rejected an insurer's assertion that the insurer's insured's individual tort claims failed because a tort was the unlawful violation of a private legal right other than a mere breach of contract, express or implied, as the duties the insured alleged that the insurer violated did not arise merely from contract but were also imposed by O.C.G.A. § 33-31-9. J.M.I.C. Life Ins. Co. v. Toole, 280 Ga. App. 372, 634 S.E.2d 123 (2006).

Cited in Smith v. General Fin. Corp., 143 Ga. App. 390, 238 S.E.2d 694 (1977); SunTrust Bank v. Hightower, 291 Ga. App. 62, 660 S.E.2d 745 (2008).

Premium charges other than those approved by Commissioner unauthorized.

- Any premium charge made to the debtor other than as filed with and approved by the Insurance Commissioner and consistent with the premium rate charged by the insurer is unauthorized. 1965-66 Op. Att'y Gen. No. 66-184.