§ 7907 — Registration of providers

New York § 7907

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 79: Service Contracts

Text

§ 7907. Registration of providers. (a) No person shall act as a\nprovider pursuant to this article without having first obtained an\napproval of a registration to do so from the superintendent. The\napplication for approval of registration shall contain the following\ninformation;\n (1) the name and address of the principal office of the provider;\n (2) the name and address of the providers' agent for service of\nprocess in this state, if other than the provider;\n (3) the identities of the provider's executive officer or officers\ndirectly responsible for such provider's service contract business, and,\nif more than fifty percent of the provider's revenue is derived from the\nsale of service contracts, the identities of the provider's directors\nand stockholders having beneficial ownership of five percent or more of\nany class of securities registered under the federal securities law;\n (4) the name, location and telephone number of any administrators\ndesignated by the provider to be responsible for the administration of\nservice contracts in this state, together with an acknowledgment by each\nsuch administrator (who is not employed by the provider) of such\nadministrator's obligations under this article;\n (5) a statement indicating under subsection (c) of section seven\nthousand nine hundred three of this article the provider qualifies to do\nbusiness as a service contract provider in this state.\n (b) The registration application shall be accompanied by a fee of two\nhundred fifty dollars for each year or fraction of a year in which the\nregistration shall be in effect.\n (c) A provider shall keep current the information required to be\ndisclosed in its registration under this section by reporting all\nmaterial changes or additions within thirty days after the end of the\nmonth in which the provider learns of such change or addition.\n (d) The superintendent shall render a determination on the application\nfor registration within forty-five days of the date of filing. The\nsuperintendent may not approve the application for registration if the\nprovider is not trustworthy or has otherwise given cause that the\nsuperintendent determines that to approve such registration would not\npromote the health, safety and welfare of the public. In the event the\nregistration application is disapproved, the superintendent shall state\nthe reason or reasons therefor. In the event the application was\nincomplete, the applicant may file an amended registration application.\nThe superintendent shall render a decision on the amended application\nwithin thirty days of receipt thereof.\n (e) The registration shall continue in force until suspended or\nrevoked by the superintendent on the grounds that the provider is not\ntrustworthy or has violated any provision of this chapter or has given\ncause for the revocation or suspension of such registration or the\nprovider has failed to comply with any prerequisite for the issuance of\nsuch registration approved, or terminated at the request of the\nprovider, subject, however, to the biennial renewal of the registration,\nby filing a renewal application and payment, prior to March first of\neach odd numbered year following that in which its original registration\napplication is filed, of a fee of five hundred dollars.\n (f) Except for the registration requirement in this section, providers\nand administrators of service contracts are exempt from any licensing\nrequirements.\n (g) The biennial renewal application shall contain such information as\nrequired by the superintendent including, but not limited to information\nto demonstrate that the applicant continues to satisfy all requirements\nof section seven thousand nine hundred three of this article.\n