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IN HB1172
Bill
Status
Introduced
1/9/2012
Primary Sponsor
Philip GiaQuinta
Click for details
AI Summary
- Creates a new regulatory framework for portable electronics insurance, which covers repair or replacement of electronic devices for loss, theft, mechanical failure, or damage
- Allows vendors selling portable electronics to obtain limited lines producer licenses to sell insurance without individual licensing for each employee, provided employees complete required training programs
- Requires vendors to provide customers with written disclosures including that insurance may duplicate existing homeowner's or renter's coverage, the identity of the insurer, deductible amounts, benefits, and claims filing processes
- Mandates insurers provide at least 30 days written notice before terminating or changing policy terms, with exceptions for fraud (15 days notice) or nonpayment of premiums (immediate termination)
- Establishes civil penalties of $50 to $10,000 for vendor violations and authorizes the commissioner to suspend or revoke an individual employee's ability to sell portable electronics insurance
Legislative Description
Portable electronics insurance.
Last Action
First reading: referred to Committee on Insurance
1/9/2012
Full Bill Text
No bill text available