The Insurance Commissioner shall not issue or renew a license to any service warranty association unless the association:
1. Is a solvent association;
2. Furnishes the Insurance Department with satisfactory evidence that the management of the association is competent and trustworthy and can successfully manage the affairs of the association in compliance with law;
3. Proposes to use and uses in its business a name together with a trademark or emblem, if any, which is distinctive and not so similar to the name or trademark of any other person already doing business in this state as will tend to mislead or confuse the public;
4. Files the bond required by the Service Warranty Act; and
5. Is formed under the laws of this state or another state, district, territory, or possession of the United States, if the association is other than a natural person.
Added by Laws 2012, c. 150, § 5, eff. Nov. 1, 2012.