- A. No person in this state shall provide or offer to provide service warranties unless licensed by the Insurance Commissioner.
- B. A service warranty association shall pay to the Insurance Department a license fee of Two Hundred Dollars ($200.00) for such license for each year, or part thereof, the license is in force. All license fees received pursuant to this section shall be paid into the State Treasury to the credit of the Insurance Commissioner Revolving Fund and shall be used for the implementation of the Service Warranty Insurance Act.
- 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.
Added by Laws 1993, HB 1001, c. 108, § 4, eff. September 1, 1993.