A. A provider who wishes to issue, sell or offer for sale service contracts in this state must submit to the superintendent:
(1) a registration application on a form prescribed by the superintendent;
(2) proof that the provider has complied with the requirements for security pursuant to Section 59A-58-6 NMSA 1978;
(3) the name, address and telephone number of each administrator with whom the provider intends to contract, if any; and
(4) a fee of five hundred dollars ($500).
B. A provider's registration is valid for one year after the date the registration is filed. A provider may renew the provider's registration if, before the registration expires, the provider submits to the superintendent an application on a form prescribed by the superintendent and a fee of five hundred dollars ($500).
C. The provisions of this section shall not apply to major manufacturing companies' service contracts.
D. Service contract forms are not required to be filed with the superintendent.
History: Laws 2001, ch. 206, § 5; 2017, ch. 125, § 4.
The 2017 amendment, effective June 16, 2017, specified that service contract forms are not required to be filed with the superintendent of insurance, and made certain technical changes; in Subsection A, in Paragraph A(2), changed "7 of the Service Contract Regulation Act" to "59A-58-6 NMSA 1978", in Paragraph A(3), after "contract", added "if any"; and added Subsection D.
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