Any insurance company, broker or agent may retain an amount equal to any unpaid premium due on the policy under which a claim is being presented, in connection with claims by and settled with an insured; provided, however, that the unpaid premium remains unpaid 60 days after the effective date of such policy or the date of the original billing for the unpaid premium, whichever occurs later. Such unpaid premium shall not be retained as against any loss payee or mortgagee named in said policy up to the amount of the unpaid balance owed to such loss payee or mortgagee on the date the loss occurred which gave rise to said claim. This section shall not be applicable to a health insurance policy.