IL HB5047

Vendors of portable electronics must hold a limited-lines license to sell portable electronics insurance, with the license authorizing employees and representatives to sell coverage at each vendor location.

The supervising entity must maintain a registry of authorized vendor locations open to Director inspection upon 10 days notice, replacing the previous requirement for vendors to submit quarterly location lists.

Brochures or written materials must disclose potential coverage duplication, that enrollment is not required to purchase electronics, material terms including deductibles and repair/replacement provisions, claim filing procedures, and cancellation rights with refund or credit of unearned premiums within 15 days of vendor receipt.

Insurers must provide 60 days notice before terminating or changing policy terms, but may immediately terminate for nonpayment, loss of active service, or exhaustion of aggregate liability limits with timely notice.

Notice and correspondence regarding portable electronics insurance may be sent by mail or electronic means, with proof of delivery required; notices may be sent on behalf of insurers or vendors by the supervising entity.