When a retail installment contract is pre-paid and said contract contains a premium charge for credit life and/or accident and health insurance, and the holder is agent for the underwriting company, the act of prepayment will be considered to be an act of cancellation of the insurance in accordance with Rules and Regulations of the Office of Insurance Regulation.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.07, 520.09 FS. History-New 4-11-70, Amended 11-17-73, Formerly 3-6.05, 3D-50.05, Formerly 3D-50.05, 3D-50.005.