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.
Section 58-47-11 – Immediate termination of insurance.
58-47-11. Immediate termination of insurance. An insurer may immediately terminate an enrolled customer’s enrollment under a portable electronics insurance policy: (1)If the enrolled customer ceases to have an active service with the vendor of portable electronics; or (2)If an enrolled customer exhausts the aggregate limit of liability, if any, under the terms of the portable […]
Section 58-47-12 – Notice of termination.
58-47-12. Notice of termination. If a portable electronics insurance policy is terminated by a vendor policyholder, the vendor policyholder shall mail or deliver a written notice to each enrolled customer advising the enrolled customer of the termination of the policy and the effective date of termination. The written notice shall be mailed or delivered to […]
Section 58-47-3 – Portable electronics license required to sell or offer portable electronics insurance coverage.
58-47-3. Portable electronics license required to sell or offer portable electronics insurance coverage. A vendor must have a portable electronics license issued pursuant to this chapter to sell or offer coverage under a policy of portable electronics insurance. A portable electronics license issued under this chapter authorizes any employee or authorized representative of the vendor […]
Section 58-47-4 – Brochures to be available at locations where portable electronics insurance offered–Contents.
58-47-4. Brochures to be available at locations where portable electronics insurance offered–Contents. At every location where portable electronics insurance is offered to customers, brochures or other written materials must be made available by a vendor to a prospective customer which: (1)Disclose that portable electronics insurance may provide a duplication of coverage already provided by a […]
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 […]