Insurance solely for the interest of the creditor.

(a) If a policy of insurance provides insurance solely for the interest of the creditor, the insurer issuing such policy of insurance shall provide notice to the debtor that debtor’s interest is not protected.

(b) Any company, agent, or broker who writes, arranges for, or obtains such insurance shall provide that the debtor be clearly advised in writing of the fact such insurance is for the sole protection of the creditor.

(c) In such single interest cases, no identifiable charge shall be made to the debtor for such insurance.

(d) Such policies of insurance also shall provide, except for willful acts, an express waiver of subrogation against the debtor or his assignee.