[§431:31-104]  Authority of vendors. 

(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 chapter, provided that:

     (1)  The vendor obtains a limited lines license to

authorize its employees or authorized representatives to sell or offer portable

electronics insurance pursuant to this section;

     (2)  The insurer issuing the portable electronics

insurance either directly supervises or appoints a supervising entity to

supervise the administration of a portable electronics insurance program,

including development of a training program for employees and authorized

representatives of the vendors.  The training shall comply with the following:

         (A)  The training shall be delivered to

employees and authorized representatives of a vendor who are directly engaged

in the activity of selling or offering portable electronics insurance;

         (B)  The training may be provided in electronic

form; provided that, if the training is conducted in an electronic form, the

supervising entity shall implement a supplemental education program regarding

the portable electronics insurance product that is conducted and overseen by a

licensed employee of the supervising entity; and

         (C)  Each employee and authorized

representative shall receive basic instruction about the portable electronics

insurance offered to customers and the disclosures required under section

431:31-103; and

     (3)  No employee or authorized representative of a

vendor shall advertise, represent, or otherwise portray the employee or

representative as a non-limited lines licensed insurance producer.

     (b)  The charges for portable electronics

insurance coverage may be billed and collected by the vendor.  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 purchase or lease of portable

electronics or related services.  Vendors billing and collecting the charges

shall not be required to maintain the funds in a segregated account; provided

that the vendor is authorized by the insurer to hold the funds in an

alternative manner and remits the amounts to the supervising entity within

sixty days of receipt.  All 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 in a fiduciary capacity for the benefit of

the insurer.  Vendors may receive compensation for billing and collection

services. [L 2012, c 321, pt of §1]