Portable electronics and optical products insurance.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill expands the requirements for insurance agents selling portable electronics and optical products insurance. It allows the Department of Insurance to issue licenses for vendors selling these products and their accessories, mirroring existing regulations for portable electronics. The bill includes provisions for training, disclosures, and penalties for violations, and it clarifies certain aspects of the licensing process and consumer protections. It also avoids state reimbursement requirements due to the creation of a new crime.
Key provisions
- Authorizes the issuance of a ‘portable electronics or optical products insurance agent license’ to vendors.
- Expands the scope of insurance licensing to include optical products, as defined.
- Requires training for endorsees on insurance products and ethical sales practices.
- Establishes disclosure requirements for consumers, including information about coverage and exclusions.
- Creates penalties for licensees and endorsees who violate insurance regulations.
- Clarifies the definition of ‘portable electronics’ and ‘optical products’.
- Provides a process for insurer notification of policy changes to customers.
- Specifies procedures for license renewal and late applications.
Who is affected
- Portable electronics vendors
- Optical products vendors
- Insurance agents and brokers
- Consumers purchasing portable electronics and optical products insurance
Bill text
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Sponsors
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1 on record
Primary sponsor
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