(a) An online marketplace guarantee shall not be issued, sold, or offered for sale in this state unless the provider has:(1) If sold for separate consideration, provided an electronic or written record of the purchase of the online marketplace guarantee to the platform contract holder;(2) Made the online marketplace guarantee terms available on the provider's website; and(3) Complied with this subchapter.
(1) If sold for separate consideration, provided an electronic or written record of the purchase of the online marketplace guarantee to the platform contract holder;
(2) Made the online marketplace guarantee terms available on the provider's website; and
(3) Complied with this subchapter.
(b) A provider of online marketplace guarantees sold or offered in this state shall file a registration with the Insurance Commissioner on a form and at a fee prescribed by the commissioner.
(c) To ensure the faithful performance of a provider's obligations to its platform contract holders, each provider who is obligated to a platform contract holder shall comply with at least one (1) of the following requirements:(1) Insure all online marketplace guarantees under a reimbursement insurance policy issued by an insurer authorized to transact insurance in this state or issued under § 23-65-308;(2) For at least thirty (30) days in any ninety-day period, maintain a market capitalization of at least two hundred million dollars ($200,000,000) on a securities exchange registered as a national securities exchange or a securities market regulated under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2025, as reported by the national securities exchange at the close of each trading day; or(3) (A) Maintain a net cash balance or net worth of at least fifty million dollars ($50,000,000).(B) Upon request, the provider or provider's parent company shall provide the commissioner with financial statements to support the net cash balance or net worth as required under subdivision (c)(3)(A) of this section.(C) Financial statements may include without limitation:(i) A Form 10-K or Form S-1 filed with the United States Securities and Exchange Commission within the last calendar year, including any amendments; or(ii) A copy of the company's audited financial statements with a reporting date within the last calendar year.(D) If the provider's parent company's financial statements are provided to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the provider relating to online marketplace guarantees sold by the provider in this state.
(1) Insure all online marketplace guarantees under a reimbursement insurance policy issued by an insurer authorized to transact insurance in this state or issued under § 23-65-308;
(2) For at least thirty (30) days in any ninety-day period, maintain a market capitalization of at least two hundred million dollars ($200,000,000) on a securities exchange registered as a national securities exchange or a securities market regulated under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2025, as reported by the national securities exchange at the close of each trading day; or
(3) (A) Maintain a net cash balance or net worth of at least fifty million dollars ($50,000,000).(B) Upon request, the provider or provider's parent company shall provide the commissioner with financial statements to support the net cash balance or net worth as required under subdivision (c)(3)(A) of this section.(C) Financial statements may include without limitation:(i) A Form 10-K or Form S-1 filed with the United States Securities and Exchange Commission within the last calendar year, including any amendments; or(ii) A copy of the company's audited financial statements with a reporting date within the last calendar year.(D) If the provider's parent company's financial statements are provided to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the provider relating to online marketplace guarantees sold by the provider in this state.
(A) Maintain a net cash balance or net worth of at least fifty million dollars ($50,000,000).
(B) Upon request, the provider or provider's parent company shall provide the commissioner with financial statements to support the net cash balance or net worth as required under subdivision (c)(3)(A) of this section.
(C) Financial statements may include without limitation:(i) A Form 10-K or Form S-1 filed with the United States Securities and Exchange Commission within the last calendar year, including any amendments; or(ii) A copy of the company's audited financial statements with a reporting date within the last calendar year.
(i) A Form 10-K or Form S-1 filed with the United States Securities and Exchange Commission within the last calendar year, including any amendments; or
(ii) A copy of the company's audited financial statements with a reporting date within the last calendar year.
(D) If the provider's parent company's financial statements are provided to meet the provider's financial stability requirement, then the parent company shall agree to guarantee the obligations of the provider relating to online marketplace guarantees sold by the provider in this state.