No motor vehicle service contract shall be issued, sold, or offered for sale in this state unless: (1) The motor vehicle service contract provider is insured under a motor vehicle service contract reimbursement insurance policy issued by an insurer authorized to do business in this state; (2) True and correct copies of the motor vehicle service contract and the motor vehicle service contract reimbursement insurance policy have been filed with the director; and (3) The contract conspicuously states: (a) That the obligations of the motor vehicle service contract provider to the service contract holder are covered under the motor vehicle service contract reimbursement insurance policy; and (b) The name and address of the issuer of the motor vehicle service contract reimbursement insurance policy.
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