(a) On or after the cancellation date of insurance policies as stated in the court’s order canceling the policies, the agent shall promptly account to the receiver for:
(1) all unearned premiums to be returned to the insured or the replacement coverage to be obtained for the insured; and
(2) the earned premiums to be paid to the receiver.
(b) The agent shall:
(1) promptly return to an insured who paid the premiums any unearned premiums in the possession of the agent on the cancellation date of the policy; or
(2) with the approval of the insured, use the unearned premiums to purchase new coverage for the insured with a different insurer.

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