Iowa Code 522E.6 – Endorsee requirements
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Terms Used In Iowa Code 522E.6
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
522E.6 Endorsee requirements.
An endorsee of a portable electronics vendor that has been issued a portable electronics insurance license pursuant to this chapter may sell or offer insurance products under the authority of the vendor’s portable electronics insurance license if all of the following conditions have been met:
1. The endorsee is eighteen years of age or older.
2. The portable electronics vendor, at the time of submission of an application for a portable electronics insurance license pursuant to § 522E.4, includes a list of all locations in this state at which the vendor intends to offer coverage under a policy of portable electronics insurance. The list shall be maintained by the portable electronics vendor in a form prescribed by, or format acceptable to, the commissioner, shall be updated annually, and shall be made available to the commissioner for review and inspection upon request.
3. The portable electronics vendor provides for the training of its endorsees under a program developed by a licensed property and casualty insurance producer prior to allowing its endorsees to offer or sell portable electronics insurance. The training shall meet the following minimum standards:
a. Each endorsee shall receive instruction about the applicable kinds or types of portable electronics insurance authorized for sale to prospective consumers in this state as provided in § 522E.9, subsection 5.
b. Each endorsee shall receive training about ethical sales practices.
c. Each endorsee shall receive training about the disclosures to be given to prospective consumers pursuant to § 522E.9.
d. The retraining of endorsees shall be conducted whenever there is a material change in the insurance products sold that requires modification of the training materials, but in no event less frequently than every three years for each endorsee.
e. The portable electronics vendor shall maintain a list of its endorsees who have completed the required training, and make the list available to the commissioner upon request.
2015 Acts, ch 87, §6, 16
Referred to in §522E.2
An endorsee of a portable electronics vendor that has been issued a portable electronics insurance license pursuant to this chapter may sell or offer insurance products under the authority of the vendor’s portable electronics insurance license if all of the following conditions have been met:
1. The endorsee is eighteen years of age or older.
2. The portable electronics vendor, at the time of submission of an application for a portable electronics insurance license pursuant to § 522E.4, includes a list of all locations in this state at which the vendor intends to offer coverage under a policy of portable electronics insurance. The list shall be maintained by the portable electronics vendor in a form prescribed by, or format acceptable to, the commissioner, shall be updated annually, and shall be made available to the commissioner for review and inspection upon request.
3. The portable electronics vendor provides for the training of its endorsees under a program developed by a licensed property and casualty insurance producer prior to allowing its endorsees to offer or sell portable electronics insurance. The training shall meet the following minimum standards:
a. Each endorsee shall receive instruction about the applicable kinds or types of portable electronics insurance authorized for sale to prospective consumers in this state as provided in § 522E.9, subsection 5.
b. Each endorsee shall receive training about ethical sales practices.
c. Each endorsee shall receive training about the disclosures to be given to prospective consumers pursuant to § 522E.9.
d. The retraining of endorsees shall be conducted whenever there is a material change in the insurance products sold that requires modification of the training materials, but in no event less frequently than every three years for each endorsee.
e. The portable electronics vendor shall maintain a list of its endorsees who have completed the required training, and make the list available to the commissioner upon request.
2015 Acts, ch 87, §6, 16
Referred to in §522E.2