Title 58 — INSURANCE

Source: SL 2012, ch 251 , § 14.

Source: SL 2012, ch 251 , § 3.

Terms used in this chapter mean: (1) "Customer," any person who purchases portable electronics; (2) "Enrolled customer," any customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics; (3) "Location," any physical locatio…

An insurer may terminate an enrolled customer's enrollment under a portable electronics insurance policy upon twenty days notice for nonpayment of premium, discovery of fraud, or material misrepresentation in obtaining coverage or in the presentation of a claim under the policy. …

An insurer may immediately terminate an enrolled customer's enrollment under a portable electronics insurance policy: (1) If the enrolled customer ceases to have an active service with the vendor of portable electronics; or (2) If an enrolled customer exhausts the aggregate limit…

If a portable electronics insurance policy is terminated by a vendor policyholder, the vendor policyholder shall mail or deliver a written notice to each enrolled customer advising the enrolled customer of the termination of the policy and the effective date of termination. The w…

If any notice or correspondence with respect to a policy of portable electronics insurance is required, the notice or correspondence shall be in writing and mailed within any notice period specified within the statute or regulation requiring the notice or correspondence. Notwiths…

A portable electronics license issued under this chapter is valid for one year unless suspended or revoked by the division. A license may be renewed upon expiration for another one-year period upon application of the vendor and payment of the fees as set forth in §

If a vendor of portable electronics or its employee or authorized representative violates any provision of this chapter, the director may do any of the following: (1) After notice and hearing, impose penalties permitted under this section that the director deems necessary and rea…

An application for a license under this chapter shall be made to and filed with the director on forms prescribed and furnished by the director. The application shall provide: (1) The name, residence address, and other information required by the director for an employee or office…

Portable electronics insurance is insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, …

A vendor must have a portable electronics license issued pursuant to this chapter to sell or offer coverage under a policy of portable electronics insurance. A portable electronics license issued under this chapter authorizes any employee or authorized representative of the vendo…

At every location where portable electronics insurance is offered to customers, brochures or other written materials must be made available by a vendor to a prospective customer which: (1) Disclose that portable electronics insurance may provide a duplication of coverage already …

Portable electronics insurance may be offered on a month to month or other periodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics for its enrolled customers. Eligibility and underwriting standards for customers electing to e…

An employee or an authorized representative of a vendor may sell or offer portable electronics insurance to a customer and is not subject to licensure as an insurance producer if: (1) The vendor obtains a portable electronics license to authorize its employees or authorized repre…

The administration of the sale of portable electronics insurance includes the development of a training program for employees and authorized representatives of the vendors. The training shall be delivered to employees and authorized representatives of vendors who are directly eng…

Any charges for portable electronics insurance coverage may be billed and collected by the vendor of portable electronics. Each charge to the enrolled customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics or related s…

An insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the vendor policyholder and enrolled customers with at least twenty days notice. If the insurer changes the terms and conditions, then the insur…