§ 7901. Scope and purposes. (a) The purposes of this article are to: (1) create a legal framework within which service contracts may be sold in this state; (2) encourage the marketing and developing of more economical and effective means of providing services under service contracts; and (3) permit and encourage fair and effective competition […]
§ 7902. Definitions. As used in this article: (a) “Appliances” may include but are not limited to electrical or mechanical appliances sold separately or included with the sale of residential real property such as refrigerators, stoves, ovens, clothes washers and dryers and dishwashers. (b) “Administrator” means any person designated by a provider to be responsible […]
§ 7903. Requirements for doing business. (a) Notwithstanding any other provision of this chapter to the contrary, the marketing, sale, offering for sale, issuance, making, proposing to make and administration of service contracts by any provider, administrator or other person, shall be exempt from all other provisions of this chapter. A provider may, but is […]
§ 7904. Required disclosures; service contract reimbursement insurance policy. Service contract reimbursement insurance policies insuring service contracts issued, sold or offered for sale in this state shall state that, upon failure of the provider to perform under the service contract, including failure to return the unearned provider fee thereunder, the insurer that issued the service […]
§ 7905. Required disclosures; service contract. (a) Service contracts marketed, sold or offered for sale, issued, made, proposed to be made or administered in this state shall be dated and written in clear, understandable language and the entire service contract shall be printed or typed in easy to read type and disclose the requirements of […]
§ 7906. Prohibited acts. (a) A provider shall not use in its name the words insurance, casualty, guaranty, surety, mutual or any other words descriptive of the insurance, casualty, guaranty or surety business, or a name deceptively similar to the name or description of any insurance or surety corporation or any other provider. (b) A […]
§ 7907. Registration of providers. (a) No person shall act as a provider pursuant to this article without having first obtained an approval of a registration to do so from the superintendent. The application for approval of registration shall contain the following information; (1) the name and address of the principal office of the provider; […]
§ 7908. Recordkeeping requirements. (a) Books and records. (1) A provider or its administrator shall keep accurate accounts, books and records concerning transactions regulated under this article. (2) A provider’s or its administrator’s accounts, books and records shall include: (A) copies of each type of service contract issued; (B) the name and address of each […]
§ 7909. Termination of service contract reimbursement insurance policy. An insurer that issues a service contract reimbursement insurance policy shall not terminate the policy except in accordance with section three thousand four hundred twenty-six of this chapter and upon notice to the superintendent. The termination of a service contract reimbursement insurance policy shall not reduce […]
§ 7910. Enforcement provisions. (a) The superintendent may conduct investigations or examinations of providers, administrators, insurers or other persons to enforce the provisions of this article and protect service contract holders in this state. Upon request of the superintendent, the provider shall make all accounts, books and records concerning service contracts sold in this state […]
§ 7911. Authority to develop regulations. The superintendent may promulgate regulations necessary to effectuate this article.
§ 7912. Transition. Providers who have submitted an application for approval of registration pursuant to section seven thousand nine hundred seven of this article who have been previously engaged in New York state, for not less than two years immediately prior to the effective date of this section in the business of marketing, selling, offering […]
§ 7913. Separability provision. If any provision of this article, or the application of any such provision to any person or circumstances, shall be held invalid, the remainder of this article, and the application of the provision to any person or circumstances other than those as to which it is held invalid, shall not be […]
