(215 ILCS 5/143.12a) (from Ch. 73, par. 755.12a)
Sec. 143.12a.
Automobile insurance; pro rata refund of unearned premium.
(a) In the event of the cancellation of a policy of automobile
insurance, as defined in Section 143.13, by either the company or the
policyholder, the company shall refund the unearned premium pro rated to
the date of cancellation. In no event may the refund of unearned premium
be computed by use of a short rate table. Refund of the premium shall be
without prejudice to any claim arising
prior to the cancellation.
(b) The refund shall be made by the company within 30 days from the
following:
(1) the date of the notice of cancellation by the |