§ 30-14-1303 — Required Disclosures -- Reimbursement Insurance Policy

30-14-1303 . Required disclosures -- reimbursement insurance policy. (1) Reimbursement insurance policies insuring service contracts or vehicle theft protection product warranties issued, sold, or offered for sale in this state must state that the insurer that issued the reimbursement insurance policy shall either reimburse or pay on behalf of the provider any covered sums that the provider is legally obligated to pay or, in the event of the provider's nonperformance, shall provide the service that the provider is legally obligated to perform according to the provider's contractual obligations under the service contracts or vehicle theft protection product warranties issued or sold by the provider.
(2) If covered service is not provided by the provider within 60 days of proof of loss by the service contract holder or vehicle protection product warranty holder, the contract holder or warranty holder is entitled to apply directly to the reimbursement insurance company.

Legislative History

En. Sec. 3, Ch. 162, L. 2007; amd. Sec. 3, Ch. 525, L. 2023.