In the case of a debtor under section 2201 et seq. of this title, the collection of identifiable charges by the lender shall not be deemed a violation of said chapter if:
(1) The identifiable charge to the debtor is consistent with the actual cost of such insurance to the lender. The identifiable charge to the debtor shall be deemed consistent with the actual cost of the insurance to the lender if the aggregate of all such identifiable charges to all debtors of the same class, determined by conditions pertaining to the debt, is not greater than the premiums charged by the insurer, as computed at the time the charge to the debtor is determined;
(2) The payment of such identifiable charge is optional with the debtor; and
(3) Upon discharge of the debt, whether through prepayment, renewal, or refinancing, the debtor is paid a pro rata refund of the identifiable charge paid by the debtor computed according to a schedule to be approved by the Commissioner of Financial Regulation.