Kentucky Statutes 304.9-780 – Portable electronics insurance retailer license — Duties of supervising entity — Qualifications and application for license — Penalties
Current as of: 2024 | Check for updates
|
Other versions
(1) A portable electronics insurance retailer license issued under this section shall permit portable electronics retailers to offer and disseminate portable electronics insurance by the licensee, its employees, and authorized representatives at each location at which the portable electronics retailer does business in the state, provided the dissemination is conducted in accordance with the provisions of this section.
(2) A portable electronics insurance supervising entity shall maintain a register of each separate business location where a portable electronics retailer and its employees or authorized representatives offer and disseminate portable electronics insurance and shall make the register open to inspection and examination by the commissioner upon request. The register shall include the name of the retailer, the address for each location, and any additional information the commissioner may prescribe by administrative regulation.
(3) A portable electronics insurance supervising entity shall oversee the administration of a portable electronics retailer’s insurance program.
(4) The commissioner may issue to a business entity qualified under this section a license to act as a portable electronics insurance retailer.
(5) For a portable electronics insurance retailer license to be issued under this section, the business entity shall submit to the commissioner the following:
(a) A written application, on a form prescribed by the commissioner, which shall include:
1. Information solely related to an employee or officer of the portable electronics retailer designated by the applicant as a person responsible for the portable electronics retailer’s compliance with this chapter; or
2. If the portable electronics retailer derives more than fifty percent (50%) of its revenue from the sale of portable electronics insurance, information shall be provided for all officers, directors, and shareholders of record that have beneficial ownership of ten percent (10%) or more of any class of securities, who are subject to 15 U.S.C. § 78p; and
(b) The application fee as provided in KRS § 304.4-010 and administrative regulations promulgated thereunder.
(6) The commissioner may require any documents reasonably necessary to verify the information contained in the application submitted in accordance with subsection (5) of this section.
(7) If a portable electronics retailer violates any provision of this section or KRS § 304.9-
782 or 304.9-784 or any applicable provision of this chapter, the commissioner may impose penalties in accordance with KRS § 304.9-440. Any civil penalty imposed by the commissioner, except for civil penalties associated with violations constituting fraud or a material misrepresentation, may not exceed five thousand dollars ($5,000) in the aggregate for multiple violations arising out of the same or similar conduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 92, sec. 4, effective July 12, 2012.
(2) A portable electronics insurance supervising entity shall maintain a register of each separate business location where a portable electronics retailer and its employees or authorized representatives offer and disseminate portable electronics insurance and shall make the register open to inspection and examination by the commissioner upon request. The register shall include the name of the retailer, the address for each location, and any additional information the commissioner may prescribe by administrative regulation.
Terms Used In Kentucky Statutes 304.9-780
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity. See Kentucky Statutes 304.9-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Fraud: Intentional deception resulting in injury to another.
- Portable electronics: means electronic devices that are portable and the accessories and services related to the use of the device. See Kentucky Statutes 304.9-020
- Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics for any one (1) or more of the following:
1. See Kentucky Statutes 304.9-020 - Portable electronics insurance supervising entity: means a business entity that is a licensed insurer or insurance agent that is appointed by an insurer to supervise the administration of a portable electronics insurance program. See Kentucky Statutes 304.9-020
- Portable electronics retailer: means a licensed business entity that offers and sells portable electronic devices and offers and disseminates portable electronics insurance on behalf and under the direction of a portable electronics insurance supervising entity. See Kentucky Statutes 304.9-020
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) A portable electronics insurance supervising entity shall oversee the administration of a portable electronics retailer’s insurance program.
(4) The commissioner may issue to a business entity qualified under this section a license to act as a portable electronics insurance retailer.
(5) For a portable electronics insurance retailer license to be issued under this section, the business entity shall submit to the commissioner the following:
(a) A written application, on a form prescribed by the commissioner, which shall include:
1. Information solely related to an employee or officer of the portable electronics retailer designated by the applicant as a person responsible for the portable electronics retailer’s compliance with this chapter; or
2. If the portable electronics retailer derives more than fifty percent (50%) of its revenue from the sale of portable electronics insurance, information shall be provided for all officers, directors, and shareholders of record that have beneficial ownership of ten percent (10%) or more of any class of securities, who are subject to 15 U.S.C. § 78p; and
(b) The application fee as provided in KRS § 304.4-010 and administrative regulations promulgated thereunder.
(6) The commissioner may require any documents reasonably necessary to verify the information contained in the application submitted in accordance with subsection (5) of this section.
(7) If a portable electronics retailer violates any provision of this section or KRS § 304.9-
782 or 304.9-784 or any applicable provision of this chapter, the commissioner may impose penalties in accordance with KRS § 304.9-440. Any civil penalty imposed by the commissioner, except for civil penalties associated with violations constituting fraud or a material misrepresentation, may not exceed five thousand dollars ($5,000) in the aggregate for multiple violations arising out of the same or similar conduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 92, sec. 4, effective July 12, 2012.