1. A. In addition to the license fees provided in the Service Warranty Insurance Act for service warranty associations each service warranty association and insurer shall, annually on or before the first day of May, file with the Insurance Commissioner its annual statement in the form prescribed by the Commissioner showing all gross written premiums or assessments received by it in connection with the issuance of service warranties in this state during the preceding calendar year and other relevant financial information as deemed necessary by the Commissioner, using accounting principles which will enable the Commissioner to ascertain whether the financial requirements set forth in Section 6607 of this title have been satisfied.
2. B. The Commissioner may levy a fine of up to One Hundred Dollars ($100.00) a day for each day an association neglects to file the annual statement in the form and within the time provided by the Service Warranty Insurance Act.
3. C. In addition to an annual statement, the Commissioner may require of licensees, under oath and in the form prescribed by it, quarterly statements or special reports which the Commissioner deems necessary for the proper supervision of licensees under the Service Warranty Insurance Act.
4. D. Premiums and assessments received by associations and insurers for service warranties shall not be subject to the premium tax provided for in Section 624 of this title, but shall be subject to an administrative fee of equal to two percent (2%) of the gross premium received on the sale of all service contracts issued in this state during the preceding calendar quarter. Said fees shall be paid quarterly to the Insurance Commissioner. However, licensed associations, licensed insurers and entities with applications for licensure as a service warranty association pending with the Department that have contractual liability insurance in place as of March 31, 2009, from an insurer which satisfies the requirements of subsections B and C of Section 6607 of this title and which covers one hundred percent (100%) of the claims exposure of the association or insurer on all contracts written may elect to pay an annual administrative fee of Three Thousand Dollars ($3,000.00) in lieu of the two-percent administrative fee.

Added by Laws 1993, HB 1001, c. 108, § 15, eff. September 1, 1993; Amended by Laws 2004, SB 1411, c. 169, § 2, emerg. eff. April 27, 2004 (superseded document available); Amended by Laws 2007, HB 1960, c. 125, § 32, emerg. eff. July 1, 2007 (superseded document available); Amended by Laws 2008, SB 2122, c. 184, § 28, emerg. eff. July 1, 2008 (superseded document available); Amended by Laws 2008, SB 1428, c. 353, § 22, eff. July 1, 2009 (superseded document available); Amended by Laws 2009, SB 920, c. 189, § 7, emerg. eff. July 1, 2009; Amended by Laws 2009, HB 1275, c. 432, § 22, emerg. eff. July 1, 2009 (superseded document available); Amended by Laws 2010, SB 2054, c. 222, § 49, eff. November 1, 2010 (superseded document available).