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Committee hears bill to align financial‑responsibility options for service‑contract and protection‑product providers
Summary
Senate Bill 5,108 would let protection‑product guarantee providers and motor‑vehicle service‑contract providers use the same three options to demonstrate financial responsibility as general service‑contract providers (reimbursement insurance, funded reserve plus trust, or $100,000,000 net worth). The Office of the Insurance Commissioner and industry groups testified in support.
Senate Bill 5,108 would extend to protection‑product guarantee providers and providers of service contracts on motor vehicles the same three options for demonstrating financial responsibility that general service‑contract providers currently have: (1) insure all service contracts under a reimbursement insurance policy; (2) maintain a funded reserve account and place a financial security deposit in trust with the Office of the Insurance Commissioner; or (3)…
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