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23-88-504. Authority of vendors to sell or offer portable electronics insurance.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-88-504. Authority of vendors to sell or offer portable electronics insurance.
(a)(1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if:
(A) The vendor obtains a limited lines license; and
(B)(i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors.
(ii) The training program for vendors shall:
(a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and
(b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503.
(iii)(a) The training program for vendors may be provided in an electronic format.
(b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.
(2) An employee or authorized representative of a vendor shall not:
(A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or
(B)(i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage.
(ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.
(b)(1)(A) Charges for portable electronics insurance
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-88-504
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-88-504
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 24d4a5aec39dcd100a0d77e4d09ab0168bc0d85d7a0081879da8817f64cfadf6
Source location: content.xml paragraph 53473
Stored source content
23-88-504. Authority of vendors to sell or offer portable electronics insurance.
(a)(1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if:
(A) The vendor obtains a limited lines license; and
(B)(i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors.
(ii) The training program for vendors shall:
(a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and
(b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503.
(iii)(a) The training program for vendors may be provided in an electronic format.
(b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.
(2) An employee or authorized representative of a vendor shall not:
(A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or
(B)(i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage.
(ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.
(b)(1)(A) Charges for portable electronics insurance may be billed and collected by the vendor.
(B) A charge that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be itemized separately on the enrolled customer's bill.
(C) If portable electronics insurance is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance is included.
(2)(A) Vendors billing and collecting charges for portable electronics insurance shall not be required to maintain the funds in a segregated account if the vendor:
(i) Is authorized by the insurer to hold the funds in an alternative manner; and
(ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor.
(B) The funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor acting in a fiduciary capacity for the benefit of the insurer.
(C) Vendors may receive compensation from the insurer for billing and collection services authorized under this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-88-503. Requirements for sale of portable electronics insurance.
(a) At a location where portable electronics insurance coverage is offered to customers, a prospective customer shall receive written disclosure that states:
(1) Portable electronics insurance may provide duplication of coverage provided by a customer's homeowner's insurance policy, renter's insurance policy, or other source of coverage;
(2) The enrollment by the customer for portable electronics insurance coverage is not required in order to purchase or lease portable electronics devices or services;
(3) The material terms of the insurance coverage, to include:
(A) The identity of the insurer;
(B) The identity of the supervising entity;
(C) The amount of an applicable deductible;
(D) An explanation of the individual that is responsible for the applicable deductible;
(E) Benefits of the coverage; and
(F) Key terms and conditions of coverage, including without limitation whether or not portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment;
(4) The process for filing a claim, including:
(A) A description of how to return portable electronics; and
(B) The maximum fee if the customer fails to comply with requirements for returning the portable electronics; and
(5)(A) An enrolled customer may cancel a portable electronics insurance policy at any time.
(B) The person paying the premium shall receive a refund of the unearned premium.
(b) A vendor that has been issued a group or master commercial inland marine policy may offer portable electronics insurance on a month-to-month basis or other periodic basis for its enrolled customers.
(c) Eligibility and underwriting standards for customers to en
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-88-503
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-88-503. This identifies an authority to review, not proof of applicability.