NY A02775

Adds comprehensive definitions for wireless communications equipment insurance in Insurance Law, including coverage for repair or replacement against loss, theft, mechanical failure, damage, and similar causes.

Requires wireless communications equipment vendors to obtain a limited license from the superintendent before offering insurance, with sworn applications disclosing responsible officers and home office locations.

Establishes that vendors cannot compensate employees based on enrollment numbers but may provide incidental compensation for limited lines license activities.

Requires vendors to provide written materials disclosing material terms, deductibles, supervising entity information, equipment return processes and associated fees, and whether employees may earn compensation.

Allows vendors to hold wireless communications equipment insurance premiums without segregating them from other funds if authorized by the insurer, with remission to the supervising entity required within sixty days of receipt.