(1) A warrantor shall obtain a reimbursement insurance policy from a qualified reimbursement insurer that covers all liability to the consumer under all vehicle protection product warranties a warrantor issues. A qualified reimbursement insurer is:
(a) An insurer authorized to transact insurance in this state under a certificate of authority issued in accordance with the Insurance Code; or
(b) A surplus lines insurer.
(2) The Department of Consumer and Business Services may not require any other financial security requirements or financial standards for warrantors. [2007 c.685 §5]
Note: See note under 646A.430.
Section: Previous 646A.414 646A.416 646A.418 646A.430 646A.432 646A.434 646A.436 646A.438 646A.440 646A.442 646A.444 646A.446 646A.448 646A.450 646A.452 NextLast modified: August 7, 2008