§36-6654. Financial security requirements for sales of products.
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/ok/title-36-insurance/36-6654·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No vehicle protection product shall be sold or offered for sale in this state unless the warrantor meets the conditions specified in either paragraph 1 or 2 of this section in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warrantors shall be required.
1. The vehicle protection product warrantor is insured under a warranty reimbursement policy issued by an insurer authorized to do business in this state which provides that:
a. the insurer will pay to, or on behalf of, the
warrantor one hundred percent (100%) of all sums that
the warrantor is legally obligated to pay according to
the warrantor’s contractual obligations under the
warrantor’s vehicle protection product warranty,
b. a true and correct copy of the warranty reimbursement
insurance policy has been filed with the Insurance
Commissioner by the warrantor, and
c. the policy contains the provision required in Section
7 of this act.
2. a. The vehicle protection product warrantor, or its
parent company in accordance with subparagraph b of
this paragraph, maintains a net worth or stockholders’
equity of Fifty Million Dollars ($50,000,000.00), and
b. the warrantor provides the Commissioner with a copy of
the warrantor’s or the warrantor’s parent company’s
most recent Form 10-K or Form 20-F filed with the
Securities and Exchange Commission within the last
calendar year or, if the warrantor does not file with
the Securities and Exchange Commission, a copy of the
warrantor or the warrantor’s parent company’s audited
financial statements that shows a net worth of the
warrantor or its parent company of at least Fifty
Million Dollars ($50,000,000.00). If the warrantor’s
parent company’s Form 10-K, Form 20-F, or audited
financial statements are filed to meet the warrantor’s
financial stability requirement, then the parent
company shall agree to guarantee the obligations of
the warrantor relating to warranties issued by the
warrantor in this state. The financial information
filed under this subparagraph shall be confidential as
a trade secret of the entity filing the information
and not subject to public disclosure. Added by Laws 2008, c. 353, § 6, eff. Jan. 1, 2009.