Navigating Federal And State Rules For Extended Warranties
Law360 (February 8, 2019, 2:27 PM EST) -- Service contracts — or extended warranties as they are often known in business parlance — are unique types of risk transfer contracts both in terms of the way they function and the ways they are regulated. Although service contracts mirror many of the features of traditional insurance products, most states expressly exclude them from the statutory definition of insurance, and the majority of states go one step further by establishing formal licensing and financial security requirements that govern the sale of service contracts to consumers by service contract provider or obligors.
While these state-based laws and rules are the primary source...
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