(a) An online marketplace guarantee issued, sold, or offered for sale in this state shall be written in clear, understandable language and conspicuously disclose the requirements in this section, as applicable.
(b) An online marketplace guarantee insured under a reimbursement insurance policy under § 23-66-804(c)(1) shall contain a statement in substantially the following form:“Obligations of the provider under this online marketplace guarantee are guaranteed under a reimbursement insurance policy. If the provider fails to pay or provide service on a claim within one hundred eighty (180) days after proof of loss has been filed, the platform contract holder is entitled to make a claim directly against the insurance company subject to the terms of the policy.”.
“Obligations of the provider under this online marketplace guarantee are guaranteed under a reimbursement insurance policy. If the provider fails to pay or provide service on a claim within one hundred eighty (180) days after proof of loss has been filed, the platform contract holder is entitled to make a claim directly against the insurance company subject to the terms of the policy.”.
(c) An online marketplace guarantee not insured under a reimbursement insurance policy under § 23-66-804(c)(1) shall contain a statement in substantially the following form:“Obligations of the provider under this online marketplace guarantee are not covered under a reimbursement insurance policy and are backed only by the provider (issuer).”.
“Obligations of the provider under this online marketplace guarantee are not covered under a reimbursement insurance policy and are backed only by the provider (issuer).”.
(d) If sold for separate consideration, online marketplace guarantees shall conspicuously state the total purchase price and the terms under which the online marketplace guarantee is sold before the sale.
(e) An online marketplace guarantee shall:(1) Identify each provider obligated to provide payment for claims under the contract or otherwise involved in the contract's issuance or sale;(2) Conspicuously state the existence and amount of any damage recovery minimum threshold;(3) Specify the services to be provided and any limitations, exceptions, or exclusions;(4) (A) State any terms, restrictions, or conditions, including conditions governing transferability or conditions governing termination of the online marketplace guarantee by the platform contract holder.(B) The provider of the online marketplace guarantee shall mail or email a written notice to the platform contract holder within thirty (30) days of the date of termination under subdivision (e)(4)(A) of this section; and(5) Include a statement in substantially the following form:“This agreement is not an insurance contract.”.
(1) Identify each provider obligated to provide payment for claims under the contract or otherwise involved in the contract's issuance or sale;
(2) Conspicuously state the existence and amount of any damage recovery minimum threshold;
(3) Specify the services to be provided and any limitations, exceptions, or exclusions;
(4) (A) State any terms, restrictions, or conditions, including conditions governing transferability or conditions governing termination of the online marketplace guarantee by the platform contract holder.(B) The provider of the online marketplace guarantee shall mail or email a written notice to the platform contract holder within thirty (30) days of the date of termination under subdivision (e)(4)(A) of this section; and
(A) State any terms, restrictions, or conditions, including conditions governing transferability or conditions governing termination of the online marketplace guarantee by the platform contract holder.
(B) The provider of the online marketplace guarantee shall mail or email a written notice to the platform contract holder within thirty (30) days of the date of termination under subdivision (e)(4)(A) of this section; and
(5) Include a statement in substantially the following form:“This agreement is not an insurance contract.”.
“This agreement is not an insurance contract.”.
(f) An online marketplace guarantee sold for separate consideration shall clearly and conspicuously state, at the time of sale, the applicable cancellation and refund policy.