For purposes of this chapter, the following terms have the following meanings: “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. “Commissioner” means the Commissioner of Insurance for the State of Mississippi. “Customer” means a person who purchases portable electronics or services. “Enrolled customer” means a customer […]
Notwithstanding any other provision of law, the terms for the termination or modification of a policy of portable electronics insurance shall be as follows: 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) […]
A sworn application for a license under this chapter shall be filed with the Mississippi Insurance Department on forms prescribed and furnished by the department. Portable electronics insurance producer licenses issued pursuant to this chapter shall continue from the date of issuance until December 31 in the second year following issuance or renewal of the […]
The commissioner may promulgate reasonable rules and regulations to implement this chapter.
A vendor is required to hold a portable electronics insurance producer license to sell, solicit or negotiate coverage under a policy of portable electronics insurance. A portable electronics insurance producer license issued under this chapter shall authorize any employee, subsidiary corporation or authorized representative of the vendor to sell, solicit or negotiate coverage under a […]
At every location where portable electronics insurance is sold, solicited or negotiated to customers, brochures or other written materials shall be made available to a prospective customer which: Disclose that 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; […]
The employees, subsidiary corporations and authorized representatives of vendors may sell, solicit or negotiate portable electronics insurance to customers and shall not be subject to licensure as an insurance producer under this chapter provided that: The employee, subsidiary corporation or authorized representative is only engaged in the sale, solicitation or negotiation of portable electronics insurance; […]
If a vendor of portable electronics or its employee, subsidiary corporation or authorized representative violates any provision of this section, the commissioner may do any of the following: After notice and hearing, impose fines not to exceed One Thousand Dollars ($1,000.00) per violation or Thirty Thousand Dollars ($30,000.00) in the aggregate for such violations and […]
