(1) Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale must state that the reimbursement insurance company shall either:
Reimburse or pay on behalf of the provider any covered sums the provider is obligated to pay under the service contract; or
In the event of the provider's nonperformance, provide the service that the providermust perform according to the terms and conditions of the service contract.
Source: L. 2014: Entire part added, (HB 14-1199), ch. 204, p. 747, § 2, effective January 1, 2015.