20-108.01. Extended warranty insurers; deposit with state treasurer; powers and duties; definition
A. Every extended warranty insurer shall deposit with the state treasurer and maintain on deposit for the benefit and protection of any person purchasing such extended warranty or guaranty in the event of insolvency of the extended warranty insurer under its contract with any such person either of the following:
1. A bond in the amount of twenty-five thousand dollars issued by an insurance company holding a current certificate of authority issued by the Arizona director of insurance.
2. Eligible securities as defined in section 20-583 having the lesser of par or market value of not less than twenty-five thousand dollars.
B. The director of insurance shall adopt and promulgate rules and regulations to enforce the provisions of this section.
C. For purposes of this section " extended warranty insurer" means the same as defined in section 20-108.
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