HB12-1071

HB12-1071 - Portable Electronics Insurance

Passed/Signed into Law
Concerning Portable Electronics Insurance.

The bill requires a vendor of portable electronics to hold a limited license to sell or offer portable electronics insurance. The limited license authorizes an employee or authorized representative of the vendor to sell or offer coverage to customers at each vendor location.

Each vendor is required to make written materials available to customers that:

  • Disclose that portable electronics insurance may provide duplicate coverage;
  • State that the purchase of coverage is not required;
  • Summarize the material terms of the insurance;
  • Summarize the process for filing a claim; and
  • State that the coverage may be cancelled at any time.

The bill outlines the criteria that a person must meet in order to sell portable electronics insurance without a limited license. The bill outlines the billing and collections procedures for vendors.

Each vendor who violates the terms for selling portable electronics insurance is subject to fines and suspension or revocation of the privilege of selling the insurance. A vendor is permitted to terminate coverage with the required notice upon discovery of fraud or misrepresentation by the customer, for nonpayment of the premium, if the customer no longer has active service with the vendor, or if the customer exhausts the aggregate limit of liability. The bill outlines notice requirements for correspondence between the vendor and the customer.

The commissioner of insurance is required to prescribe an application for insurance and accept applications from the vendors. Each vendor is required to pay a fee to the commissioner for a limited license.

Latest update: March 19, 2012
03/19/2012 Governor Action - Signed
03/13/2012 Signed by the President of the Senate
03/13/2012 Sent to the Governor
03/12/2012 Signed by the Speaker of the House
03/05/2012 Senate Third Reading Passed
03/02/2012 Senate Second Reading Passed
03/01/2012 Senate Second Reading Laid Over Daily
02/27/2012 Senate Committee on Business, Labor and Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/14/2012 Introduced In Senate - Assigned to Business, Labor and Technology
02/10/2012 House Third Reading Passed
02/09/2012 House Second Reading Passed with Amendments
02/08/2012 House Second Reading Laid Over Daily
02/02/2012 House Committee on Economic and Business Development Refer Amended to House Committee of the Whole
01/11/2012 Introduced In House - Assigned to Economic and Business Development