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Insurance commissioner and industry back bill to modernize financial-responsibility rules for service-contract providers
Summary
House Bill 1006 would revise financial-responsibility options for service-contract and protection-product guarantee providers and allow additional types of insurance backing; the Office of the Insurance Commissioner and industry witnesses testified in support.
John Kim, committee staff, briefed House Bill 1006 to the Senate Business, Financial Services, Gaming & Trade Committee on March 13. The bill revises financial-responsibility requirements for providers of service contracts and protection-product guarantees, aligning options across providers and permitting additional insurance instruments to satisfy backing requirements.
Under current law, providers must…
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