Senate Enrolled Act 148 Summary

• Establishes a new regulatory framework for portable electronics insurance in Indiana, effective July 1, 2012, allowing vendors to sell insurance covering repair or replacement of portable electronic devices

• Creates a limited lines producer license for vendors to sell portable electronics insurance without requiring individual employee licensing, provided the insurer or supervising entity directly supervises administration and provides mandatory training

• Requires vendors to maintain registries of insurance locations, provide written disclosure materials to customers about coverage (including notification that insurance may duplicate existing homeowner or renter policies), and separately itemize insurance costs on customer bills

• Defines portable electronics insurance to cover loss, theft, inoperability, malfunction, and damage, while excluding service contracts, extended warranties, and standard homeowner/renter/auto insurance policies

• Authorizes the Insurance Commissioner to impose civil penalties between $50 and $10,000 and suspend or revoke licenses for violations; vendors selling portable electronics insurance on June 30, 2012 must obtain a limited lines license by October 31, 2012 to continue operations