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.

Nevada – New Disclosure Requirement – Service Contracts

Nevada has recently amended its administrative rule relating to Service Contracts.  The amendment was effective June 26, 2018.  The existing regulation already required that in the event a service contract relates to “goods that are essential to the health and safety of the holder”, and the repair of such goods involves the loss of heating or cooling, loss of plumbing or substantial loss of electrical service and the emergency renders a dwelling unfit for a person to live in because of defects that immediately endanger the health and safety of the occupants of the dwelling”, that repairs are required to commence with 24 hours of the report of the complete and must be completed “as soon as reasonably practicable thereafter”.   If the repairs cannot be completed within 3 calendar days, the provider was required to report a status to the contract holder.  The status was required to be given “by verifiable means”.

 

Amendments to this regulation now require that such repair status must be provided not only to the contract holder, but also to the Commissioner of Insurance and it must be provided within 3 calendar days – the same 3 days in which the Provider has to complete the repairs.

 

In addition, there is a new disclosure requirement for all service contracts irrespective of whether it involves repairs that may relate to heating, cooling, plumbing or electrical systems of home, advising that the contract holder may contact the Commissioner of Insurance (along with the Division’s toll-free telephone number) if he or she is not satisfied with the handling of any claim.

 

Nevada service contracts are subject to file and approval, so the addition of this new disclosure must be addressed in some form or fashion and filed with the Division.

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