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New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 22A-51

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

The employees and authorized representatives of a vendor holding a limited lines insurance producer license may sell or offer to sell portable electronics insurance to consumers as permitted by section 2 of this act and shall not be subject to individual licensure as an insurance producer under P.L.2001, c. 210 (C.17:22A-26 et seq.) or this act as a result of those activities so long as:

a. The vendor obtains a limited lines license to authorize its employees or authorized representatives to sell or offer portable electronics insurance pursuant to this act;  1 and

b. The insurer issuing the portable electronics insurance either directly supervises or appoints a supervising entity to supervise the administration of the program, including development of a training program for employees and authorized representatives of the vendors. The training required by this subsection:

(1) 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;

(2) may be provided in electronic form; however, if conducted in electronic form the supervising entity shall implement a supplemental education program regarding the portable electronics insurance that is conducted and overseen by licensed employees of the supervising entity; and

(3) shall include basic instruction about the portable electronics insurance offered to consumers and the disclosures required under section 6 of this act.  2

1 L.2012, c. 56 (N.J.S.A. §§ 17:22A-49 to 17:22A-57).
2 L.2012, c. 56, § 2 (N.J.S.A. § 17:22A-54).
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Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 22A-51 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-22a-51/

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