(a) A creditor may not use a form or a schedule of premium rates or charges, the filing of which is required by this section, if the commissioner of insurance has disapproved the form or schedule and has notified the insurer of his disapproval. A creditor may not use a form or schedule unless:
(i) The form or schedule has been on file with the commissioner of insurance for thirty (30) days, or has earlier been approved by him; and (ii) The insurer has complied with this section with respect to the insurance.
(b) Except as provided in subsection (c) of this section, all policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders relating to consumer credit insurance delivered or issued for delivery in this state, and the schedules of premium rates or charges pertaining thereto, shall be filed by the insurer with the commissioner of insurance. Within thirty (30) days after the filing of any form or schedule, he shall disapprove it if the premium rates or charges are unreasonable in relation to the benefits provided under the form, or if the form contains provisions which are unjust, unfair, inequitable, or deceptive, or encourage misrepresentation of the coverage, or are contrary to any provision of the Insurance Code or of any rule or regulation promulgated thereunder.
(c) If a group policy has been delivered in another state, the forms to be filed by the insurer with the commissioner of insurance are the group certificates and notices of proposed insurance. He shall approve them if:
(i) They provide the information that would be required if the group policy were delivered in this state; and (ii) The applicable premium rates or charges do not exceed those established by his rules or regulations. Part 3. Property and Liability Insurance 40-14-450. Property insurance.
(a) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:
(i) The insurance covers a substantial risk of loss of or damage to property related to the credit transaction;
(ii) The amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and (iii) The term of the insurance is reasonable in relation to the terms of credit.
(b) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
(c) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed or principal exclusive of changes for the insurance is three hundred dollars ($300.00) or more, and the value of the property is three hundred dollars ($300.00) or more.