§ 7907. Registration of providers. (a) No person shall act as a
provider pursuant to this article without having first obtained an
approval of a registration to do so from the superintendent. The
application for approval of registration shall contain the following
information;

(1) the name and address of the principal office of the provider;

(2) the name and address of the providers' agent for service of
process in this state, if other than the provider;

(3) the identities of the provider's executive officer or officers
directly responsible for such provider's service contract business, and,
if more than fifty percent of the provider's revenue is derived from the
sale of service contracts, the identities of the provider's directors
and stockholders having beneficial ownership of five percent or more of
any class of securities registered under the federal securities law;

(4) the name, location and telephone number of any administrators
designated by the provider to be responsible for the administration of
service contracts in this state, together with an acknowledgment by each
such administrator (who is not employed by the provider) of such
administrator's obligations under this article;

(5) a statement indicating under subsection (c) of section seven
thousand nine hundred three of this article the provider qualifies to do
business as a service contract provider in this state.

(b) The registration application shall be accompanied by a fee of two
hundred fifty dollars for each year or fraction of a year in which the
registration shall be in effect.

(c) A provider shall keep current the information required to be
disclosed in its registration under this section by reporting all
material changes or additions within thirty days after the end of the
month in which the provider learns of such change or addition.

(d) The superintendent shall render a determination on the application
for registration within forty-five days of the date of filing. The
superintendent may not approve the application for registration if the
provider is not trustworthy or has otherwise given cause that the
superintendent determines that to approve such registration would not
promote the health, safety and welfare of the public. In the event the
registration application is disapproved, the superintendent shall state
the reason or reasons therefor. In the event the application was
incomplete, the applicant may file an amended registration application.
The superintendent shall render a decision on the amended application
within thirty days of receipt thereof.

(e) The registration shall continue in force until suspended or
revoked by the superintendent on the grounds that the provider is not
trustworthy or has violated any provision of this chapter or has given
cause for the revocation or suspension of such registration or the
provider has failed to comply with any prerequisite for the issuance of
such registration approved, or terminated at the request of the
provider, subject, however, to the biennial renewal of the registration,
by filing a renewal application and payment, prior to March first of
each odd numbered year following that in which its original registration
application is filed, of a fee of five hundred dollars.

(f) Except for the registration requirement in this section, providers
and administrators of service contracts are exempt from any licensing
requirements.

(g) The biennial renewal application shall contain such information as
required by the superintendent including, but not limited to information
to demonstrate that the applicant continues to satisfy all requirements
of section seven thousand nine hundred three of this article.