All Island Credit Corp. v. Country-Wide Insurance

OPINION OF THE COURT

Debra A. James, J.

*271The issue of first impression presented on the parties’ respective motions for summary judgment is whether Insurance Law § 3428 (d) requires an insurance company to refund to a premium finance company gross unearned premiums in excess of the payments made upon the policy when the insurance policy is terminated/cancelled. For the reasons that follow the court holds that the statute imposes no such requirement upon the insurer and that the insurer here met its refunding obligation.

Plaintiff is a premium finance agency that is “engaged ... in the business of…