Section 59A-60-5 – Authority of vendors of portable electronics.
A. The employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers and shall not be subject to licensure as insurance agents under any other provision of the Insurance Code, provided that: (1) the vendor obtains a limited agent’s license to authorize its employees or authorized representatives to sell or […]
Section 59A-60-6 – Penalties; suspension or revocation of license.
A person who violates any provision of the Portable Electronics Insurance Act may, after notice and hearing, be subject to: A. fines not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000); or B. as the superintendent deems necessary: (1) suspension of the privilege of […]
Section 59A-60-7 – Termination of portable electronics insurance.
Notwithstanding any other provision of law: A. an insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the policyholder and enrolled customers with at least thirty days’ notice; B. if the insurer changes the terms and conditions of a policy, the insurer shall provide […]
Section 59A-60-2 – Definitions.
As used in the Portable Electronics Insurance Act: A. “customer” means a person who purchases portable electronics or services; B. “enrolled customer” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics; C. “location” means any physical location in the state of New Mexico or any […]
Section 59A-60-3 – Licensure of vendors.
A. A vendor is required to hold a limited agent’s license pursuant to Section 59A-12-18 NMSA 1978 to sell or offer coverage under a policy of portable electronics insurance. B. A limited agent’s license issued to a vendor shall authorize any employee or authorized representative of the vendor to sell or offer coverage under a […]
Section 59A-60-4 – Requirements for sale of portable electronics insurance.
A. At every location where portable electronics insurance is offered to customers, brochures or other written materials shall be made available to a prospective customer that: (1) disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer’s homeowner’s insurance policy, renter’s insurance policy or other source of coverage; (2) […]
Section 59A-60-1 – Short title.
Sections 4 through 10 [59A-60-1 to 59A-60-7 NMSA 1978] of this act may be cited as the “Portable Electronics Insurance Act”. History: Laws 2013, ch. 140, § 4. ANNOTATIONS Effective dates. — Laws 2013, ch. 140, § 14 made Laws 2013, ch. 140, § 4 effective July 1, 2013.