A. Except as specified in Regulation .11 of this chapter, the premiums charged for credit life insurance policies having all policy provisions not less favorable to the insured debtor than those permitted by Regulation .13 of this chapter, may not exceed the following:
(1) For single premium decreasing term policies insuring one life, issued on the total-of-payments method, $0.43 per annum per $100 of initial amount of insured indebtedness;
(2) For outstanding balance term policies insuring one life, $0.66 per month per $1,000 of the amount of insured outstanding indebtedness; or
(3) For single premium level term policies insuring one life, $0.71 per annum per $100 of the amount of insured indebtedness.
B. For a credit life insurance policy or certificate of insurance issued to cover a husband and wife jointly, the face amount of the policy or certificate form being payable upon the death of the first to die during the term of the coverage, the premium for the life insurance benefits may not exceed 1.80 times the premium which would be charged if one debtor was insured under a comparable single life policy or certificate of insurance. To determine a unit rate for joint lives, the insurer may use the unit rates specified in these regulations for single lives, with the product of the single life unit rate times 1.80 being rounded to the nearest cent.
C. For all other types of credit life insurance policies and premium rating methods, the premium shall be subject to approval by the Commissioner and may not exceed rates which are actuarially consistent with those specified in this chapter.
D. Rounding Rate Calculations. Single premium credit life insurance rates that are determined by interpolation of the rates stated in this regulation or required to be reduced in accordance with Regulation .08 of this chapter shall be rounded to two decimal places.
E. The prima facie premium rates for credit life insurance in this regulation apply to all premiums charged on or after March 1, 2001, for every class of business.