1. (a) If:

   1. (1) a determination is made through the dispute resolution process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. 1681i(a)(5), that the credit information of a current insured was incorrect or incomplete; and

   2. (2) the insurer receives notice of the determination from the consumer reporting agency or the insured;

      the insurer shall re-underwrite and re-rate the insured not more than thirty (30) days after receiving the notice.

2. (b) After an insurer re-underwrites or re-rates an insured as described in subsection (a), the insurer shall:

   1. (1) make necessary adjustments, consistent with the insurer's underwriting and rating guidelines; and

   2. (2) if the insurer determines that the insured has overpaid a premium, refund to the insured the amount of overpayment calculated back to the shorter of the:

      1. (A) immediately preceding twelve (12) month period of coverage; or
      2. (B) actual policy period.

As added by P.L.201-2003, SEC.1.