HB 5023 - Portable Electronics Insurance

• Establishes licensing requirement for sellers offering portable electronics insurance, effective October 1, 2014, with initial application fee of $100, license issuance fee of $500, and renewal fee of $450.

• Requires sellers to provide written disclosures to buyers including notice that insurance may duplicate existing homeowners/renter's coverage, that enrollment is optional, deductible amounts, claim filing process, and cancellation rights with refunds of unearned premiums.

• Permits employees and authorized representatives of licensed sellers to offer portable electronics insurance without individual insurance producer licensing, provided the insurer or supervising entity oversees the program.

• Allows sellers to collect premiums on behalf of insurers and requires remittance to insurer within 60 days; prohibits cancellation for nonpayment if buyer timely paid the seller.

• Exempts certain individuals from casualty claims adjuster licensing requirements when handling portable electronics claims, including employees conducting data entry and claim information collection under supervision, provided no more than 25 such employees work under one licensed supervisor.