§7001. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2011, c. 297, §5 (NEW).] 1. Customer. “Customer” means a person who purchases a portable electronic device or service. [PL 2011, c. 297, §5 (NEW).] 2. Enrolled customer. “Enrolled customer” means a customer […]
§7002. Licensure of vendors 1. License required. A vendor is required to hold a limited lines license under this chapter to sell or offer coverage under a policy of portable electronic device insurance. [PL 2011, c. 297, §5 (NEW).] 2. Authority provided by license. A limited lines license issued under this chapter authorizes any […]
§7003. Requirements for sale of portable electronic device insurance 1. Brochures. At every location where portable electronic device insurance is offered to customers, brochures or other written materials must be made available to a prospective customer that: A. Disclose that portable electronic device insurance may provide a duplication of coverage already provided by a […]
§7004. Authority of vendors 1. Requirements for employees and authorized representatives of vendors. An employee or authorized representative of a vendor may sell or offer portable electronic device insurance to a customer and is not subject to licensure as an insurance producer under this chapter if: A. The vendor obtains a limited lines license […]
§7005. Violations 1. Penalties. If a vendor or its employee or authorized representative violates any provision of this chapter, the superintendent may enforce this chapter in accordance with section 12‑A except the superintendent may not impose a fine exceeding $15,000 for aggregate conduct in violation of this chapter. [PL 2011, c. 297, §5 (NEW).] […]
§7006. Termination of portable electronic device insurance 1. Notice. Notwithstanding any other provision of law, an insurer may terminate or otherwise change the terms and conditions of a policy of portable electronic device insurance only upon providing the vendor policyholder and enrolled customers with at least 30 days’ notice. [PL 2011, c. 297, §5 […]
§7007. Application for license and fees 1. Application for license to be filed with superintendent. A sworn application for a license under this chapter must be made to and filed with the superintendent on forms prescribed and furnished by the superintendent. [PL 2011, c. 297, §5 (NEW).] 2. Contents of application. In addition to […]
