(1) Section 33-21-206, MCA, requires that the formula to be used in computing refunds be filed with the commissioner of insurance.

(2) Any refund formula which is at least as favorable to the insured debtor as the "sum of the digits" formula (also called the "rule of 78ths") for single premium plans, or pro rata for other plans, is acceptable to the commissioner.

(3) A refund or credit need not be made if the amount thereof is less than $1.00.

(4) If credit life insurance on a debtor terminates prior to expiration of the period for which a charge for such insurance has been made to the debtor, by reason of early discharge of indebtedness by cash or refinancing, or by payment of a lump sum disability insurance claim, or otherwise, except by payment of a death claim under the credit life insurance policy, a refund of such charge for insurance shall be made to the debtor or credited to his account. If credit accident and health insurance on a debtor terminates prior to expiration of the period for which a charge for such insurance has been made to the debtor, for any reason whatsoever except for payment of a lump sum disability insurance benefit, a refund of such charge for insurance shall be made to the debtor, or to his beneficiary or estate, as appropriate. In any refinancing or consolidation of an indebtedness, no policy provision covering the new indebtedness shall operate to deny benefits which would have been payable had the refinancing or consolidation not taken place.