Refund formulas

1. In the event of termination, no charge for consumer credit insurance may be made for the first fifteen days of a month and a full month may be charged for sixteen days or more of a month. 2. The requirements of the consumer credit insurance law that refund formulas be filed with the commissioner shall be considered fulfilled if the refund formulas are set forth in the individual policy or group certificate filed with the commissioner. 3. No refund of five dollars or less need be made.