SB1012 Summary

• Amends Oklahoma law regarding portable electronics insurance coverage (36 O.S. 2011, Sections 6670-6676).

• Requires supervising entities to maintain a registry of vendor locations authorized to sell portable electronics insurance, open to inspection by the Insurance Commissioner with 10 days' notice.

• Modifies notice and correspondence requirements to allow electronic delivery via email in addition to mailed notices, with customer provision of email addresses deemed consent to electronic communications.

• Allows vendors to receive a credit for unearned premiums when customers cancel portable electronics insurance coverage.

• Requires vendors to update application information with the Insurance Commissioner within 30 days of any changes to designated compliance officers or other required details.