As used in this part 16, unless the context otherwise requires: “Administrator” means the person who is responsible for the administration of any service contracts issued by a provider or who is responsible for any submission required by this part 16 on behalf of a provider. “Commissioner” means the commissioner of insurance. “Consumer” means a […]
The following items are exempt from this part 16: Warranties; Maintenance agreements; Service contracts offered by public utilities on their transmission devices to the extent they are regulated by the public utilities commission; Service contracts sold or offered for sale to persons other than consumers; Service contracts on tangible property where the tangible property for […]
A provider may appoint an administrator or other designee to be responsible for any or all of the administration of service contracts issued by the provider and for compliance with this part 16. A provider shall not issue, sell, or offer for sale a service contract unless the provider has: Provided a receipt for, or […]
Insurers issuing reimbursement insurance policies to providers are deemed to have received the premiums for this insurance upon the payment of provider fees by consumers for service contracts issued by the insured providers. If the provider does not provide covered service within sixty days after proof of loss by the service contract holder, the contract […]
Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale must state that the reimbursement insurance company shall either: Reimburse or pay on behalf of the provider any covered sums the provider is obligated to pay under the service contract; or In the event of the provider’s nonperformance, provide the service that the […]
Service contracts marketed, sold, offered for sale, issued, made, proposed to be made, or administered in this state must be written, printed, or typed in clear, understandable language that is easy to read. Service contracts insured under a reimbursement insurance policy must contain a statement in substantially the following form: “Obligations of the provider under […]
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. The word “guaranty” or similar […]
A provider shall keep accurate accounts, books, and records concerning transactions regulated under this part 16. A provider’s accounts, books, and records must include: Copies of each type of service contract sold; The name and address of each service contract holder to the extent that the name and address have been furnished by the service […]
The commissioner may conduct market examinations or financial examinations of providers under sections 10-1-201 to 10-1-205 to enforce this part 16. Upon the commissioner’s request, the provider shall make available to the commissioner all accounts, books, and records concerning service contracts sold by the provider that are necessary to enable the commissioner to reasonably determine […]
