Washington Code 48.120.015 – Scope of license — Authorization — Portable electronics
Current as of: 2023 | Check for updates
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(1) A specialty producer license authorizes a vendor and its employees and authorized representatives to offer and sell to, enroll in, and bill and collect premiums from customers for insurance covering portable electronics on a master, corporate, group commercial inland marine policy, or on an individual policy basis on a month-to-month or other periodic basis at each location at which the vendor engages in portable electronics transactions. However:
Terms Used In Washington Code 48.120.015
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(a) The supervising person must maintain a list of a vendor’s locations that are authorized to sell or solicit portable electronics insurance coverage; and
(b) The list under (a) of this subsection must be provided to the commissioner within ten days of a request by the commissioner.
(2) An employee or authorized representative of a vendor may sell or offer portable electronics insurance to the vendor’s customers without being individually licensed as an insurance producer if the vendor is licensed under this chapter and is acting in compliance with this chapter and any rules adopted by the commissioner.
(3) A vendor billing and collecting premiums from customers for portable electronics insurance coverage is not required to maintain these funds in a segregated account if the vendor:
(a) Is authorized by the insurer to hold the funds in an alternative manner; and
(b) Remits the funds to the supervising person within sixty days of receipt.
(4) All funds received by a vendor from an enrolled customer for the sale of portable electronics insurance are considered funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer.
(5) Any charge to the enrolled customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics or related services must be separately itemized on the enrolled customer’s bill.
(6) If portable electronics insurance coverage is included with the purchase or lease of portable electronics or related services, the vendor must clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance coverage is included with the portable electronics or related services.
(7) Vendors may receive compensation for billing and collection services.