An insurer or a bail agent shall refund the full premium paid by the indemnitor if the principal is not released from custody, within 14 days of receipt of notice that the principal was not released. If there is more than one indemnitor, the amount refunded to each indemnitor shall be the amount that the indemnitor paid.
N.Y. Comp. Codes R. & Regs. Tit. 11 § 28.9