Need help navigating the service contract, extended warranty or GAP waiver regulatory process?

If you are a provider, administrator, seller or insurer of service contracts or GAP waivers; or want to be, let us be your guide to all the state service contract/extended warranty and GAP waiver laws around the country.  We can help guide you through the licensing and registration hoops;  and also help you establish and maintain a compliant service contract, extended warranty or GAP program.

The Service Contracts Compass is designed to assist companies like yours by providing valuable information about changes in laws and regulations which may impact your service contract or GAP waiver programn and by offering compliance consulting services that can help you keep pace with the insurance laws. service contract laws and GAP waiver laws that govern your industry.

Depending on how your service contract program is structured, or if you are just starting out, some or all of the questions below may be worth exploring…and we can help!

– Do you wonder about recent law changes and need help implementing them accurately and timely?

– Do you need help developing a strategy to expand your program into other states?

– Are you considering the acquisition of an existing provider or program and need a due diligence audit?

– Do you and your program partners have the right license(s) for the kinds of service contracts that you offer or sell?

– Do you qualify for any exemptions that you may be unaware of?

– Are you calculating and returning refunds accurately in every jurisdiction?

– Could you benefit from a limited scope operational audit conducted by someone that is “on your team” to help identify potential regulatory problems before a regulator does?

– Do you have a knowledgeable resource who can offer issue-by-issue and state-by-state support for regulatory matters that may arise regarding your service contract program?

Be proactive rather than reactive!  Whether it’s regulatory filing support, contract analysis, or help communicating with a regulator, we have the experience and expertise in the world of service contract laws to offer strategies and solutions for every aspect of your program.

Please explore other areas of this site and be sure to read more about our firm’s practice group and its services. Check out our Service Contract and Extended Warranty Law Services and learn more about our Insurance Regulatory Practice Group.

Virginia – Home Service Contracts

UPDATE:  Virginia House Bill 1542  has been signed by the Governor and will become effective January 1, 2018.  The Bill transfers the regulation of Home Service Contracts from the Bureau of Insurance to the Department of Agriculture and Consumer Services.  Currently the Bureau of Insurance regulates both Home Service Contracts Providers as well as Home Protection Companies.  The primary difference in the contracts offered by these two types of companies is that Home Protection contracts include coverage for major structural components of a home.

 

Under the new law, providers of contracts not covering major structural components, but providing for the repair or replacement of home appliances and components of home systems, would now be required to register with the Department of Agriculture and Consumer Services.  The requirements under this legislation would be comparable to current law applicable to motor vehicle and consumer goods service contracts.  Financial responsibility options would similarly include insuring a provider’s obligations under a contractual liability policy or maintaining a funded reserve and filing a surety bond or letter of credit with the agency.  Providers demonstrating and maintaining net worth of at least $100 million would be exempt from the requirements of the new law.

The information on this website is provided solely for informational purposes and presents only highly condensed summaries or general information relating to the topics presented. Therefore, it should not be relied upon as a complete record for purposes of regulatory compliance, nor is it intended to furnish legal advice adequate to any particular circumstances.  (c) Copyright Shirley F. Kerns 2016