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2007 Vetoed Bills and Messages
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S.B. 502
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(1) THAT THE INSURER WILL PAY TO, OR ON BEHALF OF, THE
WARRANTOR ALL SUMS THAT THE WARRANTOR IS LEGALLY OBLIGATED TO PAY
A WARRANTY HOLDER UNDER THE WARRANTOR'S VEHICLE PROTECTION
PRODUCT WARRANTY;
(2) THAT, IN THE EVENT PAYMENT DUE UNDER THE TERMS OF
THE VEHICLE PROTECTION PRODUCT WARRANTY IS NOT PROVIDED BY THE
WARRANTOR WITHIN 60 DAYS AFTER PROOF OF LOSS HAS BEEN FILED BY THE
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
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- 4286 -
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