- A. No service warranty form or related form shall be issued or used in this state unless the form has been filed with and approved by the Insurance Commissioner.
- B. Each filing of a form shall be made not less than thirty (30) days in advance of its issuance or use. At the expiration of thirty (30) days from date of filing, a form so filed shall be deemed approved unless prior thereto it has been affirmatively disapproved by written order of the Commissioner.
- C. Each service warranty contract shall contain a cancellation provision. In the event the contract is canceled by the warranty holder, return of premium shall be based upon ninety percent (90%) of the unearned pro rata premium. In the event the contract is canceled by the association, return of premium shall be based upon one hundred percent (100%) of unearned pro rata premium.
D. The Commissioner shall disapprove any form filed pursuant to this section if the form:
- 1. Violates the Service Warranty Insurance Act;
- 2. Is misleading in any respect; or
- 3. Is reproduced so that any material provision is substantially illegible.
Added by Laws 1993, HB 1001, c. 108, § 14, eff. September 1, 1993.