Classic Plan Insurance Premium Financing

Initial Business Response /* (1000, 8, 2016/03/22) */
ClassicPlan has received your correspondence regarding the Premium Finance Agreement for *** ***, ClassicPlan Account #XXXXXX where I have reviewed this complaint and find the following:
Mr*** entered into a loan agreement of March
26,2015, to finance three insurance policies, written through Dongbu Insurance/ATM Insurance, Aspen Insurance/ATM insurance and Sutter Insurance/Coastal Brokers, respectively
Terms of the loan were ten monthly installments of $beginning April 26,To that end Mr*** completed our AutoPay Agreement to debit his bank account each 26th of the month until all payments were made on his loanPayments of $were credited to Account XXXXXXX for the months of April, May, June, July, August, September, OctoberNovember and December and ceased as of December 30, when notice was received that Mr*** had canceled his policies as of November 13, Unfortunately, the monthly payment for December 26,was returned by Mr***'s bank, unpaidIt should be understood that ClassicPlan is a lender and not an insurance company and unless a policy is requested canceled for non-payment to the premium finance company we are usually not aware and not advised of a cancellation
I have enclosed the Loan Summary, giving a complete accounting of monthly payments received and unearned premium returns (monies returned from the insurance companies that were unearned because of the cancellation.) It should be noted here that pursuant to Section of the California Insurance Code, the insurance companies have working days to return the unearned premium to the premium finance companyIt appears that all of the insurance companies were in compliance
Our records reflect two separate checks have been issues in refund to Mr***Check #XXXXXX in the amount of $was issued March 1, after the returns from ATM on the DongBu policy and return from Coastal Brokers on the Sutter policy created an excess to the loan balanceWe have subsequently received return premium on the Aspen Insurance policy and will be issuing an additional check of $directly to Mr*** dated March 18,
I would welcome any additional questions or concerns regarding the matter
Sincerely,
*** ***