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MN SF2962
Bill
Status
Introduced
3/4/2010
Primary Sponsor
Daniel Sparks
Click for details
AI Summary
- Removes mobile telephone insurance from the list of limited lines requiring examination exemptions and creates new regulatory framework for portable electronics insurance
- Establishes vendor licensing requirements for businesses selling portable electronics insurance through limited lines licenses, with supervising agencies responsible for training employee representatives
- Requires vendors to provide written disclosures to customers including insurer identity, coverage terms, deductibles, exclusions, claim procedures, and right to cancel with pro rata refund
- Allows portable electronics insurance to be offered on month-to-month or periodic basis as group policies with individual customer enrollment, and permits vendors to bill and collect premiums separately
- Sets licensing fees of $5,000 for initial portable electronics insurance limited lines license and $1,000 for each renewal
Legislative Description
Portable electronics insurance sale and termination regulation
Last Action
Senate: Comm report: To pass as amended and re-refer to Finance
3/17/2010
Committee Referrals
Finance3/17/2010
Commerce and Consumer Protection3/4/2010
Full Bill Text
No bill text available