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New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 22A-49

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this act:  1

“Commissioner” means the Commissioner of Banking and Insurance.

“Consumer” means a person who purchases portable electronics or related services.

“Department” means the Department of Banking and Insurance.

“Enrolled consumer” means a consumer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics.

“Location” means any physical location in the State of New Jersey or any website, call center site, or similar location directed to residents of the State of New Jersey.

“Portable electronics” means electronic devices that are portable in nature, and accessories and services related to the use of the devices.

“Portable electronics insurance” means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss: loss; theft; inoperability due to mechanical failure; malfunction; damage; or other similar causes of loss.

“Portable electronics insurance” shall not include:

(1) A service contract or extended warranty providing coverage limited to the repair, replacement or maintenance of property for the operational or structural failure of property due to a defect in materials, workmanship, accidental damage from handling, power surges or normal wear and tear;

(2) A policy of insurance covering a seller's or a manufacturer's obligations under a warranty; or

(3) A homeowner's, renter's, private passenger automobile, commercial multi-peril, or similar policy of insurance.

“Portable electronics transaction” means:

(1) the sale or lease of portable electronics by a vendor to a consumer; or

(2) the sale of a service related to the use of portable electronics by a vendor to a consumer.

“Supervising entity” means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program.

“Vendor” means a person engaged, directly or indirectly, in the business of portable electronics transactions.

1 L.2012, c. 56 (N.J.S.A. §§ 17:22A-49 to 17:22A-57).
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Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 22A-49 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-22a-49/

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