Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-47 - RULES AND REGULATIONS FOR VEHICLE AND AUTOMOBILE CLUB SERVICE CONTRACTS
Rule 120-2-47-.03 - Definitions
Current through Rules and Regulations filed through September 23, 2024
(1) "Commissioner" means the Commissioner of Insurance.
(2) "Extended warranty agreement" means a vehicle service contract.
(3) "Service contract holder" means a person who purchases or otherwise obtains a service contract.
(4) "Vehicle service contract" or "VSC" means a contract or agreement that undertakes to perform or provide repair or replacement service, or indemnification for that service, for the operational or structural failure of a motor vehicle due to a defect in materials or skill of work or normal wear and tear.
(5) "Vehicle service contract provider" or "VSC provider" means a person who issues, makes, provides, sells, or offers to sell a vehicle service contract.
(6) "Vehicle service contract reimbursement insurance policy" or "VSC reimbursement insurance policy" means a policy of insurance providing coverage for all sums which the provider is legally obligated to pay for failure to perform under the terms of vehicle service contracts issued by the provider.
(7) "Service contract" shall mean a vehicle service contract (VSC).
(8) "Person" shall mean any person, firm, partnership, association or other entity which transacts vehicle service contract business.
(9) "Provider" shall mean a vehicle service contract (VSC) provider.
(10)"Reimbursement insurance policy" shall mean a vehicle contract service (VSC) reimbursement insurance policy.
(11) "Retail Installment Seller" shall have the same meaning as provided in Code Section 10-1-31.
(12) "Security Deposit" means amount(s) posted with the Commissioner's Office to cover provider's legal obligations under the terms of vehicle service contracts or extended warranty issued by the retail installment service.
(13) "Surety Bond" means a bond providing coverage for all sums which the provider is legally obligated to pay for failure to perform.
O.C.G.A. Secs. 33-2-9, 33-7-6.
