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(a) No person may receive, hold, control, or manage any funds tendered as payment on any ambulance service contract until such person has a subsisting certificate of authority issued by the Commissioner. The certificate of authority shall expire on December 31st succeeding its issuance; and annually thereafter, on or before December 31st, a renewal shall be issued under conditions herein set forth.
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(b) An insurer authorized to transact property or casualty insurance in the territory may transact an ambulance service contract business without qualification or authority subject to the applicable provisions of this chapter.