Limited Licenses for Portable Electronics or Eyewear Insurance
What changed between versions
Added a specific definition for 'eyewear' to include smart glasses, prescription and nonprescription eyeglasses, and sunglasses.
Updated the definition of 'portable electronics' to ensure it aligns with the new inclusion of eyewear and clarified the scope of covered equipment.
Deleted the obsolete definition for 'portable electronics transaction' to prevent confusion with the new broader scope.
Added new requirements for brochures to disclose that insurance enrollment is not required to purchase eyewear or electronics and to explain the cancellation and refund process.
Established rules for how premiums must be billed, including the requirement to disclose the standalone cost of insurance if bundled with a product purchase.
Clarified that general lines agents do not need a separate license to sell this insurance at locations already licensed as insurance agencies.
Introduced a specific exemption allowing Canadian residents to adjust claims for these policies without obtaining a full state adjuster license.
Confirmed that a single limited license authorizes the sale of both portable electronics and eyewear insurance, removing the need for two separate licenses.
Set the effective date of the new provisions to July 1, 2026.
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