A. No service warranty form or related form shall be issued or used in this state unless the form has been filed with and approved by the Insurance Commissioner.
B. Each filing of a form shall be made not less than thirty (30) days in advance of its issuance or use. At the expiration of thirty (30) days from date of filing, a form so filed shall be deemed approved unless prior thereto it has been affirmatively disapproved by written order of the Commissioner.
C. Each service warranty contract shall contain a cancellation provision. In the event the contract is canceled by the warranty holder, return of the provider fee shall be based upon ninety percent (90%) of the unearned pro rata provider fee less the actual cost of any service provided under the service warranty contract. In the event the contract is canceled by the association, return of premium shall be based upon one hundred percent (100%) of unearned pro rata provider fee less the actual cost of any service provided under the service warranty contract.
D. Service contracts shall state the name, address and license number of the service warranty association and shall identify any administrator if different from the service warranty association, the service contract seller and the service contract holder to the extent that the name of the service contract holder has been furnished by the service contract holder. For service contracts issued on and after July 1, 2017, the identity of the service warranty association and its license number shall either be preprinted on the service contract or added by printer at the time of sale so consumers can clearly identify the obligor of the service contract. Information to be printed at the time of sale shall be indicated as such at the time the service contract is filed for approval and a "Jane Doe" specimen shall accompany the service contract illustrating how the service contract will look after printing.
E. The Commissioner shall disapprove any form filed pursuant to this section if the form:
1. Violates the Service Warranty Act;
2. Is misleading in any respect; or
3. Is reproduced so that any material provision is substantially illegible.
F. The Insurance Commissioner may, by order, exempt from the requirements of this section for so long as he or she deems proper any document or form or type thereof as specified in such order, to which, in his or her discretion, this section may not practicably be applied, or the filing and approval of which are, in his or her opinion, not desirable or necessary for the protection of the public.
Added by Laws 2012, c. 150, § 13, eff. Nov. 1, 2012. Amended by Laws 2016, c. 72, § 1, eff. Nov. 1, 2016.