1. 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.
2. 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.
3. 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 less the actual cost of any service provided under the service warranty contract. 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 less the actual cost of any service provided under the service warranty contract.

4. D. The Commissioner shall disapprove any form filed pursuant to this section if the form:

   1. 1. Violates the Service Warranty Insurance Act;
   2. 2. Is misleading in any respect; or
   3. 3. Is reproduced so that any material provision is substantially illegible.

Added by Laws 1993, HB 1001, c. 108, § 14, eff. September 1, 1993; Amended by Laws 2008, SB 1428, c. 353, § 21, eff. July 1, 2009 (superseded document available).