§ 6754. Service contracts--Content
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 6754
§ 6754. Service contracts--Content
A. Service contracts marketed, sold, offered for sale, issued, made, proposed to be made, or administered in this state shall be written, printed, or typed in clear, understandable language that is easy to read, and shall disclose the requirements set forth in this section, as applicable. Each service contract provider shall, upon initial registration and at renewal of its registration, file a copy of each of its current contracts issued in this state for informational purposes. The provider shall update a filing any time a change is made to the service contract that materially affects the rights or obligations of a contract holder or upon written request by the Department.
B. Service contracts insured under an insurance policy pursuant to paragraph 3 of subsection C of Section 6753 of this title shall contain a statement in substantially the following form: “Obligations of the provider under this service contract are insured under a service contract reimbursement insurance policy.” The service contract shall also state the name and address of the insurer.
C. Service contracts not insured under an insurance policy pursuant to paragraph 3 of subsection C of Section 6753 of this title shall contain a statement in substantially the following form: “Obligations of the provider under this service contract are backed by the full faith and credit of the provider.”
D. Service contracts shall state the name and address of the provider, and shall identify any administrator if different from the provider, the service contract seller, and the service contract holder to the extent that the name of the service contract holder has been furnished by the service contract holder. The identities of such parties are not required to be preprinted on the service contract and may be added to the service contract at the time of sale.
Credits
Laws 2011, c. 224, § 5, eff. Nov. 1, 2011; Laws 2019, c. 294, § 12, eff. Nov. 1, 2019.
36 Okl. St. Ann. § 6754, OK ST T. 36 § 6754
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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