Section 58-47-13 – Notice and correspondence requirements.
58-47-13. Notice and correspondence requirements. 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. Notwithstanding any other law, any notice or correspondence may […]
Section 58-47-14 – Term of portable electronics license–Renewal.
58-47-14. Term of portable electronics license–Renewal. 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 §58-2-29. Source: SL 2012, […]
Section 58-47-15 – Penalties for violation of chapter.
58-47-15. Penalties for violation of chapter. 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 reasonable to carry out the purpose of […]
Section 58-47-16 – Application for license.
58-47-16. Application for license. 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 officer of the vendor that is designated […]
Section 58-47-5 – Periodic basis as group or master commercial inland marine policy.
58-47-5. Periodic basis as group or master commercial inland marine policy. 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 enroll […]
Section 58-47-6 – Insurance producer license not required for vendor employees or representatives under certain conditions.
58-47-6. Insurance producer license not required for vendor employees or representatives under certain conditions. 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 […]
Section 58-47-7 – Training program for vendor employees and representatives.
58-47-7. Training program for vendor employees and representatives. 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 engaged in the activity of selling or offering […]
Section 58-47-8 – Vendor permitted to collect charges for portable electronics insurance–Funds held in trust for insurer–Vendor compensation.
58-47-8. Vendor permitted to collect charges for portable electronics insurance–Funds held in trust for insurer–Vendor compensation. 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 […]
Section 58-47-9 – Change in policy terms and conditions–Notice.
58-47-9. Change in policy terms and conditions–Notice. 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 insurer shall provide the vendor […]
Section 58-47-10 – Termination of insurance upon twenty days notice.
58-47-10. Termination of insurance upon twenty days notice. 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. Source: SL 2012, ch 251, §10.