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2011 SESSION
HB 2480 Portable electronics insurance; provides coverage for repair or replacement of such devices.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Portable electronics insurance. Establishes a procedure for vendors of portable electronics to sell insurance that provides coverage for the repair or replacement of such devices. The vendor will be required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under such policies. The vendor's employees and authorized representatives are not subject to licensure as producers if, among other requirements, the vendor is licensed, maintains a training program, and does not compensate its employees or authorized representatives based primarily on the number of customers purchasing coverage. The measure provides for the issuance of a license to an applicant whose home state does not issue a producer license with a similar line of authority. The State Corporation Commission is authorized to promulgate rules and regulations.
SUMMARY AS INTRODUCED:
Portable electronics insurance. Establishes a procedure for vendors of portable electronics to sell insurance that provides coverage for the repair or replacement of such devices. The vendor will be required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under such policies. The vendor's employees and authorized representatives are not subject to licensure as producers if, among other requirements, the vendor is licensed, maintains a training program, and does not compensate its employees or authorized representatives based primarily on the number of customers enrolled for coverage.