MS SB2629

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

Allows employees, subsidiary corporations, and authorized representatives of licensed vendors to sell portable electronics insurance without individual licensure if the vendor obtains the required license and receives proper training and supervision from the insurer or supervising entity.

Mandates disclosure of material terms at every location where coverage is sold, including insurer identity, deductibles, benefits, claims process, and notice that enrollment is optional and not required to purchase electronics.

Sets maximum coverage limit of $7,500 per policy and permits month-to-month billing by vendors, with charges either separately itemized or clearly disclosed if included in the purchase price.

Establishes penalties for violations including fines up to $1,000 per violation (maximum $30,000 aggregate) and suspension or revocation of licenses, with the Commissioner of Insurance authorized to enforce provisions; license fee set at $5,000 and effective January 1, 2013.