1. A. An application for license as a service warranty association shall be made to, and filed with, the Insurance Commissioner on printed forms as prescribed and furnished by the Insurance Commissioner.

2. B. In addition to information relative to its qualifications as required under Section 5 of this act, the Commissioner may require that the application show:

   1. 1. The location of the home office of the applicant;
   2. 2. The name and residence address of each director or officer of the applicant; and
   3. 3. Such other pertinent information as may be required by the Commissioner.

3. C. The Commissioner may require that the application, when filed, be accompanied by:

   1. 1. A copy of the articles of incorporation of the applicant, certified by the public official having custody of the original, and a copy of the bylaws of the applicant, certified by the chief executive officer of the applicant;
   2. 2. A copy of the most recent financial statement of the applicant, verified under oath of at least two of its principal officers; and
   3. 3. A license fee in the amount of Two Hundred Dollars ($200.00) as required pursuant to Section 4 of this act.
4. D. Upon completion of the application for license, the Commissioner shall examine the application and make such further investigation of the applicant as the Commissioner deems advisable. If the Commissioner finds that the applicant is qualified, the Commissioner shall issue to the applicant a license as a service warranty association. If the Commissioner does not find the applicant to be qualified the Commissioner shall refuse to issue the license and shall give the applicant written notice of such refusal, setting forth the grounds therefor.

Added by Laws 1993, HB 1001, c. 108, § 8, eff. September 1, 1993.