Arizona Laws 20-1693.03. Portable electronics vendors; authority; charges for portable electronics insurance; accounting
A. The employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers and shall not be subject to licensure as an insurance producer under this title or be subject to the continuing education requirements of this title if:
Terms Used In Arizona Laws 20-1693.03
- Customer: means a person who purchases portable electronics or services. See Arizona Laws 20-1693
- Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Arizona Laws 20-1693
- 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
- Portable electronics: means personal, self-contained, easily carried by an individual, battery-operated electronic communication, viewing, listening, recording, gaming, computing or global positioning devices, including cell or satellite phones, pagers, personal global positioning satellite units, portable computers, portable audio listening devices, video viewing or recording devices, digital cameras, video camcorders, portable gaming systems, docking stations, automatic answering devices and other similar devices and the devices' accessories. See Arizona Laws 20-1693
- Supervising entity: means a business entity that is a licensed insurer or insurance producer and that is authorized by an insurer to supervise the administration of a portable electronics insurance policy. See Arizona Laws 20-1693
- Vendor: means a business in the business of engaging in portable electronics transactions directly or indirectly. See Arizona Laws 20-1693
1. The vendor obtains a license to authorize its employees or authorized representatives to sell or offer portable electronics insurance pursuant to this article.
2. Each vendor or its designee provides a training program that gives the vendor’s employees and authorized representatives basic instruction about coverage under a portable electronics insurance policy and the requirements of this article.
B. Notwithstanding any other law, a vendor of portable electronics or its employees or authorized representatives shall not advertise, represent or otherwise be portrayed as licensed insurers or insurance producers unless so licensed.
C. The vendor may bill and collect the charges for portable electronics insurance coverage. 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 shall be separately itemized on the enrolled customer‘s bill. If the portable electronics insurance coverage 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 coverage is included with the portable electronics or related services. A vendor that bills and collects charges for insurance coverage included with the purchase or lease of portable electronics or related services is not required to maintain those monies in a segregated account if the vendor is authorized by the insurer to hold those monies in an alternative manner and remits these monies to the supervising entity within sixty days of receipt. All monies received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered monies held in trust by the vendor in a fiduciary capacity for the benefit of the insurer.
D. Vendors may receive compensation for billing and collection services.