A motor vehicle service contract reimbursement insurance policy shall not be issued, made, provided, sold, or offered for sale in this state unless the reimbursement insurance policy conspicuously states that the issuer of the policy shall pay on behalf of the provider all sums which the provider is legally obligated to pay for failure to perform according to the provider's contractual obligations under the motor vehicle service contracts issued or sold by the provider.
Source: L. 94: Entire title amended with relocations, p. 2510, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 42-13-103 as it existed prior to 1994, and the former § 42-11-103 was relocated to § 42-9-104.