Except as provided in section 14 of this chapter, a service contract reimbursement policy may not be offered, sold, or issued in Indiana unless the service contract reimbursement policy conspicuously states that the insurer will do either of the following:

1. (1) Pay all sums that the provider is obligated to pay under service contracts issued by the provider and outstanding in Indiana.

2. (2) In the event of the provider's nonperformance under a service contract issued by the provider and outstanding in Indiana, perform or pay for the performance of services that the provider:

   1. (A) is obligated to perform under the service contract; and
   2. (B) failed to perform.

As added by P.L.129-2014, SEC.10.