§36-6608. Repealed by Laws 2012, c. 150, § 39, eff. Nov. 1, 2012.
491 words·~2 min read·
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NOTE: Prior to repeal, this section was amended by Laws 2012, c. 44, § 17 to read as follows:
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.
B. In addition to information relative to its qualifications as
required under Section 6605 of this title, the Commissioner may require
that the application show:
1. The location of the home office of the applicant;
2. The name and residence address of each director or officer of
the applicant; and
3. Other pertinent information as may be required by the
Commissioner.
C. The Commissioner may require that the application, when filed,
be accompanied by:
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. A copy of the most recent financial statement of the applicant,
verified under oath of at least two of its principal officers; and
3. A license fee as required pursuant to Section 6604 of this
title.
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 the refusal, setting forth the grounds of the refusal.
E. 1. Any entity that claims one or more of the exclusions from
the definition of service warranty provided in paragraph 14 of Section
6602 of this title shall file audited financial statements and other
information as requested by the Commissioner by May 1, 2010, and each
year thereafter, to document and verify that the contracts of the entity
are not included within the definition of service warranty.
2. Any entity that fails to meet the May 1 deadline or that begins
claiming an exclusion exemption provided by paragraph 14 of Section 6602
of this title after May 1 shall file audited financial statements and
other information as requested by the Commissioner prior to conducting or
continuing business in this state.
3. Any entity approved for an exclusion provided by paragraph 14 of
Section 6602 of this title may be required by the Commissioner to provide
subsequent audited financial statements and other information ascertained
by the Commissioner to be necessary to determine continued qualification
for an exclusion provided by paragraph 14 of Section 6602 of this title.
4. Other information as requested by the Commissioner may include,
but is not limited to, SEC filings, audited financial statements of
affiliates, and organizational data and organizational charts.