24-A §7104. Reimbursement insurance policy
§7104. Reimbursement insurance policy 1. Scope of policy. A reimbursement insurance policy insuring service contracts issued, sold or offered for sale in this State must unconditionally obligate the insurer that issued the reimbursement insurance policy to reimburse or pay on behalf of the provider any sums, including the refund of unearned provider fees, the provider […]
24-A §7105. Required provisions; service contracts
§7105. Required provisions; service contracts 1. Form; language. A service contract marketed, sold, offered for sale, issued, made, proposed to be made or administered in this State must be written, printed or typed in clear and understandable language that is in a font size that is easily readable by a person with average eyesight and […]
24-A §7106. Record-keeping requirements
§7106. Record-keeping requirements 1. Provider records. A provider shall keep accurate accounts, books and records concerning transactions regulated under this chapter. The provider’s accounts, books and records must include the following: A. Copies of each type of service contract sold; [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).] B. […]
24-A §7107. Cancellation of reimbursement insurance policy
§7107. Cancellation of reimbursement insurance policy An insurer that issued a reimbursement insurance policy may not cancel or nonrenew the policy for any reason, including at the request of the policyholder, until the insurer has delivered a notice of such action to the superintendent at least 45 days before such action. The cancellation or nonrenewal […]
24-A §7108. Obligation of reimbursement insurance policy insurers
§7108. Obligation of reimbursement insurance policy insurers 1. Receipt of premium; agency. A provider is the agent of the insurer that issued the reimbursement insurance policy for purposes of obligating the insurer to service contract holders in accordance with the service contract and this chapter. When a provider is acting as an administrator and enlists […]
24-A §7109. Enforcement provisions
§7109. Enforcement provisions 1. Investigation and examination by superintendent. The superintendent may conduct investigations and examinations of providers, administrators, insurers or other persons to enforce the provisions of this chapter and protect service contract holders. Upon request of the superintendent, a person subject to this chapter shall make available to the superintendent all accounts, books […]
24-A §7110. Unfair methods of competition; unfair and deceptive acts and practices
§7110. Unfair methods of competition; unfair and deceptive acts and practices 1. Prohibited acts and practices. A person may not engage in this State in any act or practice determined by the superintendent to be unfair or deceptive or in any of the following acts or practices in connection with the marketing, sale, offering for […]
24-A §7111. Rule-making authority
§7111. Rule-making authority The superintendent may adopt rules necessary to implement this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).] SECTION HISTORY PL 2011, c. 345, §4 (NEW). PL 2011, […]
24-A §7112. Transition
§7112. Transition The exemptions in section 7101, subsection 3 are effective immediately upon the effective date of this chapter and extend to contracts that are already in force. All other service contracts entered into, renewed or offered for sale in this State on or after January 1, 2012 must comply with this chapter. The exemptions […]
24-A §7101. Short title; purpose; scope
§7101. Short title; purpose; scope 1. Short title. This chapter may be known and cited as “the Service Contracts Act.” [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).] 2. Purpose. The purpose of this chapter is to create a legal framework within which service contracts may be sold in this […]