OK SB801

Vendors of portable electronics must obtain a limited lines license from the Insurance Commissioner to sell or offer portable electronics insurance coverage.

Vendors must provide written materials to customers disclosing that insurance may duplicate existing homeowner/renter coverage, that enrollment is optional, and summarizing material terms including identity of insurer, deductibles, benefits, claim procedures, and cancellation rights.

Vendor employees and authorized representatives may sell portable electronics insurance without individual producer licenses if the vendor holds a limited lines license and the insurer provides a training program covering the insurance product and required disclosures.

Vendors may bill and collect insurance charges, which must be separately itemized on customer bills; funds are held in trust for the insurer and must be remitted within 60 days, though vendors may receive compensation for billing services.

The Insurance Commissioner may impose fines up to $500 per violation ($5,000 aggregate) or other penalties including suspension or revocation of license for violations; insurers must provide 30 days' notice before terminating policies but may terminate immediately for non-payment, loss of service, or exhaustion of aggregate limits.