WAC 284-110-040. Reimbursement insurance policies insuring service contracts or protection product guarantees

A service contract provider or protection product guarantee provider that uses a reimbursement insurance policy to demonstrate its financial responsibility or to assure faithful performance of its obligations under RCW 48.110.050 (2)(a) may insure each service contract or protection product guarantee under separate reimbursement insurance policies. However, no service contract or protection product guarantee may be insured by more than one reimbursement insurance policy. For example: (1) A service contract provider or protection product guarantee provider may insure one or more service contracts or protection product guarantees under Reimbursement Insurance Policy A, and separately insure one or more service contracts or protection product guarantees not covered by Reimbursement Insurance Policy A under Reimbursement Insurance Policy B. (2) A service contract provider or protection product guarantee provider may not insure a single service contract or a single protection product guarantee under Reimbursement Insurance Policy A and Reimbursement Insurance Policy B. The service contract or protection product guarantee must be insured solely by either Reimbursement Insurance Policy A or Reimbursement Insurance Policy B, not both.