MS HB894

Requires vendors of portable electronics to obtain a portable electronics insurance producer license to sell, solicit, or negotiate portable electronics insurance coverage.

Allows unlicensed employees, subsidiary corporations, and authorized representatives of licensed vendors to sell portable electronics insurance if the vendor holds the license and the insurer provides direct supervision or authorizes a supervising entity to oversee the program, including mandatory training.

Mandates that brochures or written materials be available at all locations disclosing potential coverage duplication, that enrollment is voluntary, material terms of coverage, claim filing procedures, and cancellation rights with refund of unearned premiums.

Establishes maximum insurance coverage of $7,500 per portable electronics item and permits charges to be billed separately or included with the purchase price, with vendors holding collected funds in a fiduciary capacity and remitting to the supervising entity within 60 days.

Authorizes the Insurance Commissioner to impose fines up to $1,000 per violation ($30,000 aggregate) and other penalties including suspension or revocation of licenses for violations; sets licensure fee at $5,000 and requires application to the Mississippi Insurance Department.