2023 New York Laws › ISC - Insurance › Article 79 - Service Contracts › 7907 - Registration of Providers.

§  7907.  Registration  of  providers.  (a)  No  person shall act as a
provider pursuant to this  article  without  having  first  obtained  an
approval  of  a  registration  to  do  so  from  the superintendent. The
application for approval of registration  shall  contain  the  following
information;
(1) the name and address of the principal office of the provider;
(2)  the  name  and  address  of  the  providers' agent for service of
process in this state, if other than the provider;
(3) the identities of the provider's  executive  officer  or  officers
directly responsible for such provider's service contract business, and,
if more than fifty percent of the provider's revenue is derived from the
sale  of  service  contracts, the identities of the provider's directors
and stockholders having beneficial ownership of five percent or more  of
any class of securities registered under the federal securities law;
(4)  the  name,  location  and  telephone number of any administrators
designated by the provider to be responsible for the  administration  of
service contracts in this state, together with an acknowledgment by each
such  administrator  (who  is  not  employed  by  the  provider) of such
administrator's obligations under this article;
(5) a statement indicating  under  subsection  (c)  of  section  seven
thousand nine hundred three of this article the provider qualifies to do
business as a service contract provider in this state.
(b)  The registration application shall be accompanied by a fee of two
hundred fifty dollars for each year or fraction of a year in  which  the
registration shall be in effect.
(c)  A  provider  shall  keep  current  the information required to be
disclosed in its  registration  under  this  section  by  reporting  all
material  changes  or  additions within thirty days after the end of the
month in which the provider learns of such change or addition.
(d) The superintendent shall render a determination on the application
for registration within forty-five days of the  date  of  filing.    The
superintendent  may  not approve the application for registration if the
provider is not trustworthy  or  has  otherwise  given  cause  that  the
superintendent  determines  that  to approve such registration would not
promote the health, safety and welfare of the public.  In the event  the
registration  application is disapproved, the superintendent shall state
the reason or  reasons  therefor.  In  the  event  the  application  was
incomplete,  the applicant may file an amended registration application.
The superintendent shall render a decision on  the  amended  application
within thirty days of receipt thereof.
(e)  The  registration  shall  continue  in  force  until suspended or
revoked by the superintendent on the grounds that the  provider  is  not
trustworthy  or  has violated any provision of this chapter or has given
cause for the revocation or  suspension  of  such  registration  or  the
provider  has failed to comply with any prerequisite for the issuance of
such  registration  approved,  or  terminated  at  the  request  of  the
provider, subject, however, to the biennial renewal of the registration,
by  filing  a  renewal  application and payment, prior to March first of
each odd numbered year following that in which its original registration
application is filed, of a fee of five hundred dollars.
(f) Except for the registration requirement in this section, providers
and administrators of service contracts are exempt  from  any  licensing
requirements.
(g) The biennial renewal application shall contain such information as
required by the superintendent including, but not limited to information
to  demonstrate that the applicant continues to satisfy all requirements
of section seven thousand nine hundred three of this article.