(1) Motor vehicle service agreement companies licensed under this part may be subject to periodic examination by the office in the same manner and subject to the same terms and conditions as applies to insurers under part II of chapter 624. The commission may by rule establish provisions whereby a company may be exempted from examination.
(2) The office shall determine whether to conduct an examination of a company by considering:
(a) The amount of time that the company has been continuously licensed and operating under the same management and control.
(b) The company’s history of compliance with applicable law.
(c) The number of consumer complaints against the company.
(d) The financial condition of the company, demonstrated by the financial reports submitted pursuant to s. 634.137.
History. s. 14, ch. 59-110; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 17, 32, 33, ch. 82-234; ss. 23, 68, ch. 91-106; s. 20, ch. 93-195; s. 1432, ch. 2003-261; s. 17, ch. 2010-175.
(1) Motor vehicle service agreement companies licensed under this part may be subject to periodic examination by the office in the same manner and subject to the same terms and conditions as applies to insurers under part II of chapter 624. The commission may by rule establish provisions whereby a company may be exempted from examination.
(2) The office shall determine whether to conduct an examination of a company by considering:
(a) The amount of time that the company has been continuously licensed and operating under the same management and control.
(b) The company’s history of compliance with applicable law.
(c) The number of consumer complaints against the company.
(d) The financial condition of the company, demonstrated by the financial reports submitted pursuant to s. 634.137.
History. s. 14, ch. 59-110; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 17, 32, 33, ch. 82-234; ss. 23, 68, ch. 91-106; s. 20, ch. 93-195; s. 1432, ch. 2003-261; s. 17, ch. 2010-175.
(1) Motor vehicle service agreement companies licensed under this part may be subject to periodic examination by the office in the same manner and subject to the same terms and conditions as applies to insurers under part II of chapter 624. The commission may by rule establish provisions whereby a company may be exempted from examination.
(2) The office shall determine whether to conduct an examination of a company by considering:
(a) The amount of time that the company has been continuously licensed and operating under the same management and control.
(b) The company’s history of compliance with applicable law.
(c) The number of consumer complaints against the company.
(d) The financial condition of the company, demonstrated by the financial reports submitted pursuant to s. 634.137.
History. s. 14, ch. 59-110; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 17, 32, 33, ch. 82-234; ss. 23, 68, ch. 91-106; s. 20, ch. 93-195; s. 1432, ch. 2003-261; s. 17, ch. 2010-175.
