NC H617

Creates a new regulatory framework for portable electronics insurance in North Carolina by establishing Article 44A in Chapter 58 of the General Statutes, effective January 1, 2012.

Requires vendors of portable electronics to obtain a limited lines license to sell or offer portable electronics insurance, with authorization for their employees and representatives to sell coverage without individual insurance producer licenses.

Mandates that vendors provide written materials to customers that disclose potential duplication of coverage, confirm enrollment is optional, summarize material terms including deductibles and benefits, explain claims procedures, and state cancellation rights with refund of unearned premiums.

Allows vendors to bill and collect insurance charges separately or include them with the purchase of portable electronics or services, with funds held in a fiduciary capacity and remitted to the supervising entity within 60 days of receipt.

Grants the Insurance Commissioner authority to suspend or revoke licenses and impose penalties, including suspension of insurance transactions at specific locations, for violations of the portable electronics insurance regulations.