Section 33-34A-5. Required warranty reimbursement insurance policy

   No vehicle protection product shall be sold or offered for sale in this state unless the vehicle protection product warrantor is insured under warranty insurance policy meeting the following conditions in order to ensure adequate performance under the warranty:

   (1) The warranty reimbursement insurance policy is issued by an insurer authorized to do business in this state and provides that the insurer will pay to, or on behalf of, the warrantor 100 percent of all sums that the warrantor is legally obligated to pay according to the warrantor's contractual obligations under the warrantor's vehicle protection product warranty;

   (2) A true and correct copy of the warranty reimbursement insurance policy has been filed with the Commissioner by the warrantor; and

   (3) The policy contains the provision required in Code Section 33-34A-6.

No other financial security requirements or financial standards for warrantors shall be required.

Code 1981, § 33-34A-5, enacted by Ga. L. 2003, p. 644, § 1.