1. A. No person in this state shall act as a service warranty association unless licensed by the Insurance Commissioner.
2. B. A service warranty association shall pay to the Insurance Department a license fee of Four Hundred Dollars ($400.00) for such license for each year, or part thereof, the license is in force.
3. C. An insurer, while authorized to transact property or casualty insurance in this state, may also transact a service warranty business without additional qualifications or licensure as required by the Service Warranty Insurance Act, but shall be otherwise subject to the provisions of the Service Warranty Insurance Act.
4. D. A service warranty association may appoint an administrator or other designee to be responsible for any or all of the administration of service contracts and compliance with the Service Warranty Insurance Act.
5. E. An agreement which provides specified scheduled maintenance services over a stated period of time does not constitute insurance or a service warranty.

Added by Laws 1993, HB 1001, c. 108, § 4, eff. September 1, 1993; Amended by Laws 2008, SB 1428, c. 353, § 18, eff. July 1, 2009 (superseded document available); Amended by Laws 2009, SB 920, c. 189, § 2, emerg. eff. July 1, 2009; Amended by Laws 2009, HB 1275, c. 432, § 23, emerg. eff. July 1, 2009 (superseded document available).