Section 8-32-1 Purpose. (a) The purpose of this chapter is to create a framework to regulate service contracts sold to consumers in this state. (b) The following are exempt from Sections 8-32-2 to 8-32-12, inclusive, of this chapter: (1) Warranties. (2) Maintenance agreements. (3) Warranties, service contracts, or maintenance agreements offered by electric, gas, water, […]
Section 8-32-10 Enforcement provisions. (a) The commissioner may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce this chapter and protect service contract holders in this state. Upon request of the commissioner, the provider shall make all accounts, books, and records concerning service contracts sold in this state by the provider […]
Section 8-32-11 Rules and regulations. The commissioner may promulgate reasonable rules and regulations necessary to implement this chapter. (Acts 1997, No. 97-445, p. 753, §11.)
Section 8-32-12 Service contracts prior to January 1, 1998. Service contracts entered into prior to January 1, 1998, and renewals thereof, may but are not required to comply with this chapter. Providers and other persons are not required to comply with this chapter until January 1, 1998. A provider or other person may, but is […]
Section 8-32-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) ADMINISTRATOR. The person designated by a provider to be responsible for the administration of service contracts or the service contracts plan or to make the filings required by this chapter. (2) COMMISSIONER. The Commissioner of Insurance of this […]
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either the provider or its designee shall: (1) Provide a receipt for, or other written evidence of, the purchase of the service contract to the contract holder. (2) Provide a copy of the service contract to the service contract holder within a reasonable […]
Section 8-32-4 Required provisions, reimbursement insurance policy. Reimbursement insurance policies insuring service contracts sold in this state shall provide that, upon failure of the provider to perform under the service contract, including, without limitation, failure to refund or credit the unearned portion of the purchase price of the service contract to the extent required by […]
Section 8-32-5 Required provisions, service contracts. (a) Service contracts sold or offered for sale in this state, in their entirety, shall be written, printed, or typed in eight point type size, or larger, and shall comply with the requirements set forth in this section, as applicable. (b) Service contracts insured under a reimbursement insurance policy […]
Section 8-32-6 Prohibited acts. (a) A provider shall not use in its name the words insurance, casualty, surety, mutual, or any other words descriptive of the insurance, casualty, or surety business; or a name deceptively similar to the name or description of any insurance or surety corporation, or to the name of any other provider. […]
Section 8-32-7 Record keeping requirements. (a)(1) The provider shall keep accurate accounts, books, and records concerning transactions regulated under this chapter. (2) The provider’s accounts, books, and records shall include the following: a. Copies of each type of service contract sold. b. The name and address of each service contract holder to the extent that […]
Section 8-32-8 Cancellation of reimbursement insurance policy. To the extent applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination in accordance with Chapter 40 of Title 27 has been mailed or delivered to the commissioner. The termination of a reimbursement insurance policy shall not reduce […]
Section 8-32-9 Obligation of reimbursement insurance policy insurers. (a) Where reimbursement insurance is applicable, providers are considered to be the agent of the insurer which issued the reimbursement insurance policy solely for purposes of obligating the insurers to service contract holders in accordance with the service contract and this chapter. In cases where a provider […]
