A. All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under the Vehicle Protection Product Act.
B. A vehicle protection product warrantor’s accounts, books, and records shall include:
1. Copies of all vehicle protection product warranties;
2. The name and address of each warranty holder; and
3. The dates, amounts, and descriptions of all receipts, claims, and expenditures.
C. A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least three (3) years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the Insurance Commissioner satisfactory proof that the warrantor has discharged all obligations to warranty holders in this state.
D. Vehicle protection product warrantors shall make all accounts, books, and records concerning transactions regulated under the Vehicle Protection Product Act available to the Commissioner for examination.
Added by Laws 2008, c. 353, § 10, eff. Jan. 1, 2009.
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