OH HB250

Establishes a new portable electronics insurance limited line of authority with specific licensing requirements for vendors and authorization of unlicensed endorsees to sell coverage under vendor supervision

Requires vendors offering portable electronics insurance to provide written disclosures to customers including coverage terms, claim procedures, prohibition on misrepresenting coverage as required, and notice that coverage may duplicate existing homeowner's or renter's insurance

Creates training and education requirements for endorsees selling portable electronics insurance, delivered through web-based modules or other electronic means, covering prohibited conduct and material policy terms

Allows insurers to terminate portable electronics insurance policies with 60 days' notice for general terminations, 15 days' notice for fraud or material misrepresentation, and immediate termination for non-payment or exhaustion of coverage limits

Establishes fee structure for portable electronics insurance vendors: application and renewal fees varying from $3,000-$5,000 and $1,000-$2,500 based on number of transaction locations, with exemption from standard biennial agent renewal fees

Adds interest on claims as a separate class in insurer estate distribution hierarchy, payable after other claim classes but before shareholder claims, accruing at legal rate from liquidation order or claim due date until dividend declaration