Section 27-2.7-6. – Termination of portable electronics insurance.
§ 27-2.7-6. Termination of portable electronics insurance. Notwithstanding any other provision of law: (1) An insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the vendor and its enrolled customers with at least thirty (30) days notice. An insurer may not change the terms […]
Section 27-2.7-7. – Application for license and fees.
§ 27-2.7-7. Application for license and fees. (a) A sworn application for a license under this chapter shall be made to and filed with the department on forms prescribed and furnished by the department in accordance with the provisions of § 27-2.4-9(a)(8). (b) The application shall: (1) Provide the name, residence address, and other information […]
Section 27-2.7-1. – Definitions.
§ 27-2.7-1. Definitions. For purposes of this section, the following terms shall have the following meanings: (1) “Customer” means a person who purchases portable electronics or services; (2) “Department” means the department of business regulation; (3) “Enrolled customer” means a customer who elects coverage under a portable electronics insurance policy issued by a vendor of […]
Section 27-2.7-2. – Licensure of vendors.
§ 27-2.7-2. Licensure of vendors. (a) A vendor is required to hold a portable electronics insurance vendor license to sell or offer coverage under a policy of portable electronics insurance. (b) A portable electronics insurance vendor license issued under this chapter shall authorize any employee or authorized representative of the vendor to sell or offer […]
Section 27-2.7-3. – Requirements for sale of portable electronics insurance.
§ 27-2.7-3. Requirements for sale of portable electronics insurance. (a) At every location where portable electronics insurance is offered to customers, brochures or other written materials must be made available to a prospective customer which: (1) Disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer’s homeowner’s insurance policy, […]
Section 27-2.7-4. – Authority of vendors of portable electronics.
§ 27-2.7-4. 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 an insurance producer under this title provided that: (1) The vendor obtains a portable electronics insurance vendor license to authorize its employees […]
Section 27-2.7-5. – Suspension or revocation of license.
§ 27-2.7-5. Suspension or revocation of license. If a portable electronics insurance vendor or its employee or authorized representative violates any provision of this section, the insurance commissioner may do any of the following: (1) After notice and hearing, impose fines not to exceed five hundred dollars ($500) per violation or five thousand dollars ($5,000) […]