As used in this subchapter: (1) “Customer” means a person who purchases portable electronics or services; (2) “Enrolled customer” means a customer who elects to have coverage under a portable electronics insurance policy issued by a vendor; (3) “Location” means, as directed to residents of the State of Arkansas: (A) A physical location in this […]
(a) A vendor is required to hold a limited lines license to sell or offer coverage under a portable electronics insurance policy. (b) A limited lines license issued under this subchapter shall authorize an employee or authorized representative of the licensee to sell or offer coverage under a policy of portable electronics insurance to a […]
(a) At a location where portable electronics insurance coverage is offered to customers, a prospective customer shall receive written disclosure that states: (1) Portable electronics insurance may provide duplication of coverage provided by a customer’s homeowner’s insurance policy, renter’s insurance policy, or other source of coverage; (2) The enrollment by the customer for portable electronics […]
(a) (1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if: (A) The vendor obtains a limited lines license; and (B) (i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, […]
If a vendor, its employee, or its authorized representative violates a provision of this subchapter, the Insurance Commissioner may after notice and a hearing impose on the vendor: (1) Fines not to exceed five hundred dollars ($500) per violation or five thousand dollars ($5,000) in the aggregate; and (2) Other penalties that the commissioner deems […]
(a) Notwithstanding any other law: (1) An insurer may terminate or otherwise change the terms and conditions of a portable electronics insurance policy only if the policyholder and enrolled customer are provided with at least thirty (30) days’ notice; and (2) If the insurer changes the terms and conditions of a portable electronics insurance policy, […]
(a) (1) An application for licensure under this subchapter shall be made to and filed with the Insurance Commissioner on forms prescribed and furnished by the State Insurance Department. (2) The application for licensure under this subchapter shall: (A) (i) Provide the name, residence address, and other information required by the commissioner for an employee […]
