Montana Code 33-24-203. Licensure of vendors — rulemaking
33-24-203. Licensure of vendors — rulemaking. (1) A vendor must hold a limited lines insurance producer license to sell or offer coverage under a policy of portable electronics insurance.
Terms Used In Montana Code 33-24-203
- Customer: means a person who purchases portable electronics or services related to the use of portable electronics. See Montana Code 33-24-202
- Location: means any physical location in this state or any website, call center site, or similar location directed to residents of this state. See Montana Code 33-24-202
- Portable electronics: means electronic devices that are portable in nature and their accessories. See Montana Code 33-24-202
- Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that may provide coverage for portable electronics against loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Montana Code 33-24-202
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Supervising entity: means a business entity that is a licensed insurer or insurance producer that is authorized by a licensed insurer to supervise the administration of a portable electronics insurance program. See Montana Code 33-24-202
- Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Montana Code 33-24-202
(2)A license issued under this part authorizes any employee or authorized representative of the vendor to sell or offer coverage under a policy of portable electronics insurance to a customer at each location at which the vendor engages in portable electronics transactions.
(3)The supervising entity shall maintain a registry of vendor locations that are authorized to sell or solicit portable electronics insurance coverage in this state. Upon request by the commissioner and with 10 days’ notice to the supervising entity, the registry must be open to inspection and examination by the commissioner during regular business hours of the supervising entity.
(4)A license issued under this part authorizes the licensee and its employees or authorized representatives to engage in those activities that are permitted in this part.
(5)The commissioner may adopt rules to implement the provisions of this part.