Effective July 1, 2012, HB 1101 requires dealers to maintain records for 5 years on return of commissions (or premiums and commissions) when a contract is cancelled. These requirements will necessitate better recordkeeping. FADA worked out the details with the Florida Service Agreement Association that represents the vehicle service agreement companies (VSC’s) so that records… Continue Reading
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Tag Archives: Vehicle Service Contract
Confusing Notice to Consumers on Vehicle Service Contracts
Companies that provide vehicle service contracts to you should have notified you by now of a new disclosure requirement, effective July 1, 2011. This new disclosure requirement was part of a bill passed last year that may cause confusion. … Continue Reading
Remember to Document Refunds to VSC Customers
As previously reported, a new policy was implemented by the Office of Insurance Regulation on April 11, 2011 and it places requirements on VSC companies and motor vehicle dealers which states: VSC companies (and their dealers) must demonstrate that refunds and other payments due consumers are being made in accordance with statutory provisions found in… Continue Reading
Open Pricing for Vehicle Service Contracts
The Florida legislature has deregulated pricing to a degree by not requiring that VSC companies file their rates and plans with the Office of Insurance Regulation. However, pricing is not uncontrolled at the point of sale. Today, the programs you offer must be priced at the levels established by your VSC company. … Continue Reading
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