A. An application for license as a service warranty association shall be made to, and filed with, the Insurance Commissioner on printed forms as prescribed and furnished by the Insurance Commissioner.
B. In addition to information relative to its qualifications as required under Section 141.5 of this title, the Commissioner may require that the application show:
1. The location of the home office of the applicant;
2. The name and residence address of each director or officer of the applicant; and
3. Other pertinent information as may be required by the Commissioner.
C. The Commissioner may require that the application, when filed, be accompanied by:
1. A copy of the articles of incorporation of the applicant, certified by the public official having custody of the original, and a copy of the bylaws of the applicant, certified by the chief executive officer of the applicant;
2. A copy of the most recent financial statement of the applicant, which must be:
3. A license fee as required pursuant to Section 141.4 of this title.
D. Upon completion of the application for license, the Commissioner shall examine the application and make such further investigation of the applicant as the Commissioner deems advisable. If the Commissioner finds that the applicant is qualified, the Commissioner shall issue to the applicant a license as a service warranty association. If the Commissioner does not find the applicant to be qualified the Commissioner shall refuse to issue the license and shall give the applicant written notice of the refusal, setting forth the grounds of the refusal.
E. 1. Any entity that claims one or more of the exclusions from the definition of service warranty provided in paragraph 17 of Section 141.2 of this title shall file audited financial statements and other information as requested by the Commissioner to document and verify that the contracts of the entity are not included within the definition of service warranty. Financial statements are not required to be filed by an entity claiming one of the exclusions set forth in subparagraphs a and b of paragraph 17 of Section 141.2 of this title.
2. Any entity that begins claiming an exclusion exemption as provided by paragraph 17 of Section 141.2 of this title shall make the filing required by subsection A of this section prior to conducting or continuing business in this state.
3. Any entity approved for an exclusion exemption as provided by paragraph 17 of Section 141.2 of this title may be required by the Commissioner to provide subsequent information ascertained by the Commissioner to be necessary to determine continued qualification for an exclusion exemption as provided by paragraph 17 of Section 141.2 of this title. Financial statements shall not be required to be filed by an entity claiming one of the exclusions set forth in subparagraphs a and b of paragraph 17 of Section 141.2 of this title.
4. Other information requested by the Commissioner may include, but is not limited to, SEC filings, audited financial statements of affiliates, and organizational data and organizational charts. Financial statements shall not be required to be filed by an entity claiming one of the exclusions set forth in subparagraphs a and b of paragraph 17 of Section 141.2 of this title.
Added by Laws 2012, c. 150, § 7, eff. Nov. 1, 2012. Amended by Laws 2017, c. 10, § 4, eff. Nov. 1, 2017; Laws 2018, c. 234, § 2, eff. Nov. 1, 2018.