(a)
- (1) Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has complied with the requirements of Arkansas Code § 4-114-104(b).
- (2) Each provider of service contracts sold in this state shall file a registration with the Insurance Commissioner annually on or before October 1 of each year using the form attached to this part or a substantially similar form.
- (3) Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) upon initial registration and every year thereafter.
- (4) The registration shall be updated by written notification to the commissioner if material changes occur in the registration.
- (5) In addition to the registration, each provider of service contracts sold in this state must also submit a certificate of compliance using the form attached to this part or a substantially similar form.
- (b) In order to ensure the faithful performance of a provider’s obligations to its contract holders, each provider shall comply with the financial requirements of Arkansas Code § 4-114-104(d).