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Martin O'Malley, Governor
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Ch. 407
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WARRANTY HOLDER IN ACCORDANCE WITH THE TERMS OF THE VEHICLE
PROTECTION PRODUCT WARRANTY, THE WARRANTY HOLDER MAY FILE A CLAIM
FOR REIMBURSEMENT DIRECTLY WITH THE INSURER;
(3) THAT THE INSURER SHALL BE DEEMED TO HAVE RECEIVED
PAYMENT OF THE PREMIUM IF THE WARRANTY HOLDER PAID THE WARRANTOR
FOR THE VEHICLE PROTECTION PRODUCT WARRANTY;
(4) THAT THE INSURER'S LIABILITY UNDER THE WARRANTY
REIMBURSEMENT INSURANCE POLICY MAY NOT BE REDUCED OR RELIEVED BY A
FAILURE OF THE WARRANTOR, FOR ANY REASON, TO REPORT THE ISSUANCE OF
A VEHICLE PROTECTION PRODUCT WARRANTY TO THE INSURER; AND
(5) THAT, WITH REGARD TO CANCELLATION OF THE WARRANTY
REIMBURSEMENT INSURANCE POLICY:
(I) THE INSURER MAY NOT CANCEL THE WARRANTY
REIMBURSEMENT INSURANCE POLICY UNTIL A WRITTEN NOTICE OF
CANCELLATION HAS BEEN MAILED OR DELIVERED TO THE INSURED
WARRANTOR;
(II) THE CANCELLATION OF A WARRANTY REIMBURSEMENT
INSURANCE POLICY MAY NOT REDUCE THE INSURER'S RESPONSIBILITY FOR
VEHICLE PROTECTION PRODUCTS SOLD BEFORE THE DATE OF CANCELLATION;
AND
(III) IN THE EVENT AN INSURER CANCELS A WARRANTY
REIMBURSEMENT INSURANCE POLICY, THE WARRANTOR SHALL:
1. DISCONTINUE OFFERING VEHICLE PROTECTION
PRODUCT WARRANTIES AS OF THE TERMINATION DATE OF THE WARRANTY
REIMBURSEMENT INSURANCE POLICY UNTIL A NEW WARRANTY
REIMBURSEMENT INSURANCE POLICY BECOMES EFFECTIVE; AND
2. ON OBTAINING A NEW WARRANTY
REIMBURSEMENT INSURANCE POLICY, FILE A COPY OF THE NEW WARRANTY
REIMBURSEMENT INSURANCE POLICY WITH THE DIVISION DEPARTMENT
DIVISION.
(D) IF A WARRANTOR ELECTS TO MEET ITS FINANCIAL OBLIGATION IN
ACCORDANCE WITH SUBSECTION (A)(2) OF THIS SECTION, THE WARRANTOR'S
PARENT COMPANY SHALL GUARANTEE THE OBLIGATIONS OF THE WARRANTOR
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- 2495 -
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