SB 1476 Summary

• Amends 36 O.S. 2011, Section 6614 regarding the Service Warranty Insurance Act to require service contracts include name and address of the provider and any administrator

• Allows the identities of the provider, administrator, seller, and contract holder to be added at time of sale rather than being preprinted on the contract

• Maintains existing requirements for form filing with the Insurance Commissioner at least 30 days before use, with automatic approval if not disapproved within that period

• Retains cancellation provisions requiring 90% unearned pro rata premium refund (less service costs) if holder cancels, and 100% refund if association cancels

• Effective November 1, 2012