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ID H0649
Bill
Status
4/3/2012
Primary Sponsor
Ways and Means Committee
Click for details
AI Summary
House Bill 649 Summary
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Creates a new limited lines license for vendors selling portable electronics insurance, allowing employees and authorized representatives to sell coverage without individual producer licenses.
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Establishes requirements for portable electronics insurance sales including mandatory customer disclosures about coverage duplication, non-mandatory purchase notices, material terms, claim filing procedures, and cancellation rights.
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Requires vendors to obtain limited lines licenses with initial fee of $1,000 ($100 for vendors with 10 or fewer Idaho locations) and $500 ($500) renewal fees, valid for 24 months.
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Mandates training programs for vendor employees and representatives covering portable electronics insurance requirements and product disclosures, with option for electronic delivery plus supplemental in-person instruction.
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Imposes vendor responsibility for employee and representative actions, allowing director to suspend or revoke licenses and assess penalties up to $50,000 for violations, and specifies 30-day notice requirements for policy termination or modification.
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Effective date: July 1, 2013.
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; and to provide the manner in which Canadian residents may be licensed to adjust claims.
INSURANCE
Last Action
Governor signed Session Law Chapter 226 Effective: 07/01/13
4/3/2012