a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Location: means a physical location in the state or a website, call center site, or similar location directed to residents of the state. See Utah Code 31A-22-1802
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Portable electronics: means :
(a)
an electronic device that is portable in nature; and
(b)
an accessory or service related to the use of the portable electronic device. See Utah Code 31A-22-1802
Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that provides coverage for portable electronics against any one or more of the following:
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Utah Code 31A-22-1802
(a)
file with the department an application for a portable electronics limited lines license on forms and in the manner the commissioner prescribes;
(b)
subject to Subsection (4), provide the name and other information required by the commissioner for a licensed individual who is designated by the applicant as the person responsible for the vendor‘s compliance with the requirements of this chapter; and
(c)
pay a fee established by the department in accordance with Section 31A-3-103, except for an initial or renewal portable electronics limited lines license in no event may the fee exceed $100 per location in the state at which the vendor engages in portable electronics transactions.
(2)
A vendor engaged in portable electronics insurance transactions before July 1, 2012, shall apply for licensure within 90 days of the application being made available by the department. An applicant commencing operations on or after July 1, 2012, shall obtain a portable electronics limited lines license before offering portable electronics insurance.
(3)
A portable electronics limited lines license under this part has a term of two years and expires two years after issuance, unless renewed.
(4)
If the vendor derives more than 50% of its revenue from the sale of portable electronics insurance, the applicant shall provide the information listed in Subsection (1)(b) for all officers, directors, and shareholders of record having beneficial ownership of 10% or more of any class of securities registered under the federal securities law.
