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Cell Phone Insurance To Be Regulated

Idaho will regulate the insurance sold on all portable electronics in the State beginning July 1, 2013. Consumers will then have redress of complaints through the Idaho Department of Insurance. 

Title 41, 1081-1089, on portable electronics insurance, will go into effect July 1, 2013. It will require that portable electronics insurers (insurers providing coverage for the repair or replacement of portable electronic devices and related accessories and services) and insurance producers who sell, solicit or negotiate the offer or sale of such insurance in Idaho be supervised and regulated by the department of insurance.

Portable electronics vendors may sell or offer portable electronics insurance to customers, provided that the vendors obtain a limited lines license to authorize its employees or authorized representatives to sell or offer such insurance.

Vendors will be required to make written materials available to customers that disclose that such insurance may provide duplicate coverage and that the purchase of coverage is not required. The insurer issuing the portable electronics insurance will either directly supervise or appoint a supervising entity who shall supervise the administration of the program for vendors.

Source: Idaho Department of Insurance


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