|
House Bill 2569 |
House Author: Hancock |
|
Effective: 9-1-09 |
Senate Sponsor: Eltife |
Previous law authorized the commissioner of insurance to issue a telecommunications equipment vendor license, which authorized a retail vendor of telecommunications equipment to act as an agent for an authorized insurer in connection with the sale and use of such equipment and with respect to insurance coverage provided to customers for the loss or malfunction of or damage to the equipment. House Bill 2569 amends the Insurance Code to change that specialty license to a portable electronic vendor license and to make the previous provisions applicable to a vendor of personal, self-contained, battery-operated electronic communication, viewing, listening, recording, gaming, computing, or global positioning devices that are easily carried by an individual, as well as to the vendor's employee and authorized representative. The bill authorizes those parties to offer insurance coverage on such a device at each location at which the vendor engages in business, and provides specifications for that coverage. The bill requires the commissioner to impose an annual fee of not more than $5,000 for the license.
House Bill 2569 authorizes an agent who holds a license to engage in the business of property and casualty insurance or a substantially equivalent insurance license and who is appointed by the insurer that insures a vendor to provide the commissioner-approved materials and to conduct the training for the program that is required for an individual to act on behalf of a specialty license holder. The bill requires the commissioner by rule to establish a procedure under which a person holding a license as a telecommunications equipment vendor specialty agent may convert that license to a portable electronic device vendor specialty agent license without further qualification, and authorizes the commissioner to adopt rules to establish a reasonable period for the agent to comply with the new requirements.