For purpose of this section, the following terms have the following meanings: (a) “Commissioner” shall have the following meaning ascribed to it in 22 V.I.C., section 51; (b) “Customer” means a person who purchases portable electronics or services; (c) “Enrolled Customer” means a customer who elects coverage under a portable electronics insurance policy issued to […]
(a) A vendor is required to hold a limited lines license to sell or offer coverage under a policy of portable electronics insurance. (b) A limited lines licenses issued under this subdivision shall authorize any employee or authorized representative of the vendor to sell or offer coverage under a policy of portable electronics insurance to […]
(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 the 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; […]
(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 chapter provided that: (1) the vendor obtains a limited lines license to authorize its employees or authorized representatives to sell or offer portable electronics insurance […]
(a) If a vendor of portable electronics or its employee or authorized representative violates any provision of this section, the Commissioner may do any of the following: (b) After notice and hearing, impose fines not to exceed $500 per violation or $5,000 in the aggregate for such conduct. (c) After notice and hearing, impose other […]
Notwithstanding the 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 policyholder and enrolled customers with at least thirty (30) days’ notice, as provided below. (2) If the insurer changes the terms and conditions, then the insurer shall […]
(a) A sworn application for license under the chapter shall be made to and be filed with the Commissioner on forms prescribed and furnished by the Commissioner. (b) The application shall: (1) Provide the name, residence address, and other information required by the Commissioner for an employee or officer of the vendor that is designated […]
