A. To be exempted from this title, a vehicle protection product shall:

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1. Identify the warrantor, the seller, the warranty holder and the terms of the sale.

2. Conspicuously state that the obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy.

3. Conspicuously state that if the payment due under the terms of the warranty is not provided by the warrantor within sixty days after proof of loss has been filed pursuant to the terms of the warranty by the warranty holder, the warranty holder may file directly with the warranty reimbursement insurance company for reimbursement.

4. Conspicuously state the name and address of the warranty reimbursement insurance company. This information is not required to be preprinted on the warranty form but may be stamped on the warranty.

5. Contain a disclosure that reads substantially as follows:

"This agreement is a product warranty and is not insurance."

B. A warranty reimbursement insurance policy shall have the following provisions:

1. The policy shall state that the warranty reimbursement insurance company will reimburse or pay on behalf of the vehicle protection product warrantor all covered sums that the warrantor is legally obligated to pay or will provide the service that the warrantor is legally obligated to perform according to the warrantor’s contractual obligations under the vehicle protection product warranty.

2. The policy shall state that if the payment due under the terms of the warranty is not provided by the warrantor within sixty days after proof of loss has been filed according to the terms of the warranty by the warranty holder, the warranty holder may file directly with the warranty reimbursement insurance company for reimbursement.