Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has complied with the requirements of Ark. Code Ann. § 4-114-104(b). Each provider of service contracts sold in this state shall file a registration with the Insurance Commissioner annually, on or before October 1st of each year, using the form attached to this rule or a substantially similar form. Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) upon initial registration and every year thereafter. The registration shall be updated by written notification to the commissioner if material changes occur in the registration. In addition to the registration, each provider of service contracts sold in this state must also submit a Certificate of Compliance, using the form attached to this rule or a substantially similar form.

In order to assure the faithful performance of a provider's obligations to its contract holders, each provider shall comply with the financial requirements of Ark. Code Ann. § 4-114-104(d).