Sec. 10. (a) A vendor shall not sell, solicit, or negotiate portable electronics insurance unless the vendor holds a limited lines license issued under IC 27-1-15.6 to sell, solicit, or negotiate portable electronics insurance.

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Terms Used In Indiana Code 27-1-15.9-10

  • customer: means a person who purchases portable electronics. See Indiana Code 27-1-15.9-2
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
  • portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
  • portable electronics insurance: means insurance that provides coverage for the repair or replacement of portable electronics, including coverage for loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Indiana Code 27-1-15.9-6
  • supervising entity: means a business entity that:

    Indiana Code 27-1-15.9-8

  • vendor: means a business entity that directly or indirectly engages in portable electronics transactions. See Indiana Code 27-1-15.9-9
     (b) A limited lines license required by subsection (a) authorizes each of the following to sell, solicit, or negotiate portable electronics insurance to a customer at each of a vendor’s locations:

(1) The vendor.

(2) Each of the vendor’s employees or authorized representatives, regardless of whether the employee or authorized representative is individually licensed under IC 27-1-15.6, if the insurer that issues the portable electronics insurance directly supervises or appoints a supervising entity to supervise:

(A) the administration of the portable electronics insurance sold by the vendor; and

(B) a training program for the employees and authorized representatives.

     (c) The following apply to a training program described in subsection (b):

(1) The training must be provided to any employee or authorized representative who is directly engaged in the sale, solicitation, or negotiation of portable electronics insurance.

(2) Initial training of an employee or authorized representative:

(A) must be provided before the employee or authorized representative engages in the sale, solicitation, or negotiation of portable electronics insurance; and

(B) may be provided in electronic form.

(3) Continuing training of an employee or authorized representative:

(A) must be provided on a periodic basis; and

(B) may be provided in electronic or another form.

(4) The training must be developed and overseen by employees of the supervising entity who are licensed as insurance producers under IC 27-1-15.6 with the qualifications described in IC 27-1-15.6-7(a)(3) and IC 27-1-15.6-7(a)(4).

(5) The training must provide basic instruction concerning the:

(A) portable electronics insurance offered to customers of the vendor; and

(B) disclosures required by section 12 of this chapter.

     (d) An employee or authorized representative of a vendor shall not advertise, represent, or otherwise profess to be an insurance producer other than a limited lines producer licensed under IC 27-1-15.6.

As added by P.L.4-2012, SEC.3.

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