Loading chat...
ID H0471
Bill
Status
2/2/2012
Primary Sponsor
Business Committee
Click for details
AI Summary
-
Establishes a limited lines license for vendors of portable electronics allowing their employees and authorized representatives to sell portable electronics insurance without individual producer licenses, provided the vendor obtains the limited lines license and implements a training program.
-
Requires vendors selling portable electronics insurance to provide written disclosures to customers stating that insurance may duplicate existing coverage, that purchase is optional, and detailing material terms including identity of insurer, deductibles, benefits, claim procedures, and cancellation rights with pro rata refunds within 60 days.
-
Imposes licensing fees of $1,000 for initial portable electronics limited lines licenses and $500 for renewals; reduces to $100 initial and renewal fees for vendors operating at 10 or fewer locations in Idaho.
-
Permits insurers to terminate or modify portable electronics insurance policies with 30 days' notice to policyholders and enrolled customers; allows immediate termination for nonpayment, loss of active service, or fraud with 15 days' notice for fraud or misrepresentation.
-
Establishes penalties of up to $50,000 in aggregate for vendor violations and authorizes the director to suspend, revoke, or refuse to renew licenses; exempts clerical personnel from adjuster licensing and allows Canadian residents to obtain nonresident adjuster licenses if licensed in their home state.
-
Effective July 1, 2013; vendors engaged in portable electronics insurance transactions before the effective date must apply for licensure within 90 days.
Legislative Description
Amends and adds to existing law to provide for an exemption from a license for a person acting under the license of a licensed business entity; to provide for a limited lines license for a vendor selling portable electronics insurance; to provide requirements for the sale of portable electronics insurance; to provide for the authority of a vendor holding a limited lines license to sell portable electronics insurance; to provide for a vendor's responsibility for the actions of its employees and authorized representative acting under the vendor's license; to provide penalties for a vendor violating the requirements for the sale or offering of portable electronic insurance; to provide requirements for the termination or modification of a policy of portable electronics insurance; to provide requirements for a vendor applying for a limited lines license to sell or offer portable electronics insurance; to provide an exemption from portable consumer electronic insurance adjuster licensure for a clerical person; to provide the manner in which Canadian residents may be licensed to adjust claims; and to provide for background material for certain persons within entities applying for adjuster licensure.
INSURANCE
Last Action
to Bus
2/3/2012