SCS/SB 1168 - This act revises the formula for computing a refund for credit insurance premiums. This act removes the phrase "as of the due date nearest the date of prepayment in full" from the current law so that a premium refund now equals the original premium multiplied by the ratio of the sum of the remaining insured balances divided by the sum of the original insured balances. The act also provides that in determining the number of months for which a premium is earned, the first month's premium may be considered as earned on the first day of coverage and for all successive month's premiums, on the coverage anniversary date in each successive month. STEPHEN WITTE