(215 ILCS 5/462b) (from Ch. 73, par. 1065.9b)
Sec. 462b.
Insurance companies shall apply correct classifications,
payrolls and other factors of a rating system to compute premiums. If the
application of incorrect classifications, payrolls or any other factors
of a rating system results in the payment by an insured of premiums in excess
of the premiums that would have been paid utilizing the correct applications
of classifications, payrolls or other factors of a rating system, the insurer
shall refund to the insured the excessive premium paid for the period during
which the incorrect application of classifications, payrolls or other factors
of a rating system were applied. This Section is intended to codify existing
law and practice.
(Source: P.A. 83-1002.)
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