CT SB00597

Establishes licensing requirement for sellers of portable electronics insurance, requiring registration with the Insurance Commissioner with initial fee of $100, license issuance fee of $500, and renewal fee of $450 every two years (effective October 1, 2013)

Allows employees and authorized representatives of licensed sellers to offer portable electronics insurance without individual insurance producer licenses, provided the seller maintains proper licensing and an insurer or supervising entity oversees the program

Requires sellers to provide buyers with written disclosures including policy details, deductibles, claim procedures, coverage limitations, and notice that insurance is optional and may duplicate existing homeowner or renter coverage

Permits sellers to collect and hold premium payments in a fiduciary capacity, with remittance to insurers required within 60 days, and allows buyers to cancel coverage at any time with refunds of unearned premiums within 60 days

Modifies casualty adjuster licensing requirements to exempt individuals performing data entry and claims information collection for portable electronics insurance claims when supervised by a licensed casualty adjuster or insurance producer, limited to 25 individuals per supervising entity