Sec. 13. Except as provided in section 14 of this chapter, a service contract reimbursement policy may not be offered, sold, or issued in Indiana unless the service contract reimbursement policy conspicuously states that the insurer will do either of the following:
(1) Pay all sums that the provider is obligated to pay under service contracts issued by the provider and outstanding in Indiana.
(2) In the event of the provider's nonperformance under a service contract issued by the provider and outstanding in Indiana, perform or pay for the performance of services that the provider:
(A) is obligated to perform under the service contract; and
(B) failed to perform.