A. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the Insurance Department on a form prescribed by the Insurance Commissioner.
B. Warrantor registration records shall be filed annually and shall be updated within thirty (30) days of any change. The registration records shall contain the following information:
1. The warrantor’s name, any fictitious names under which the warrantor does business in the state, principal office address, and telephone number;
2. The name and address of the warrantor’s agent for service of process in the state if other than the warrantor;
3. The names of the warrantor’s executive officer or officers directly responsible for the warrantor’s vehicle protection product business;
4. The name, address, and telephone number of any administrators designated by the warrantor to be responsible for the administration of vehicle protection product warranties in this state;
5. A copy of the warranty reimbursement insurance policy or policies or other financial information required by Section 6 of this act;
6. A copy of each warranty the warrantor proposes to use in this state; and
7. A statement indicating under which provision of Section 6 of this act the warrantor qualified to do business in this state as a warrantor.
C. The Commissioner may charge each registrant a reasonable fee to offer the cost of processing the registration and maintaining the records in an amount to be set by rule. The information in paragraphs 1 and 2 of subsection B of this section shall be made available to the public.
D. If a registrant fails to register by the renewal deadline, the Commissioner shall give the registrant written notice of the failure and the registrant will have thirty (30) days to complete the renewal of registration before the registrant is suspended from being registered in this state.
E. An administrator or person who sells or solicits a sale of a vehicle protection product but who is not a warrantor shall not be required to register as a warrantor or be licensed under the insurance laws of this state to sell vehicle protection products.
Added by Laws 2008, c. 353, § 5, eff. Jan. 1, 2009.