Section 379.1500

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 01 Jan 2012, see footnote   

  379.1500.  Definitions. — As used in sections 379.1500 to 379.1550, the following terms shall mean:

  (1)  "Director", the director of the department of commerce and insurance;

  (2)  "Insurance company" or "insurer", any person, reciprocal exchange, interinsurer, or any other legal entity licensed and authorized by the director to write inland marine coverage;

  (3)  "Insurance producer" or "producer", a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance;

  (4)  "License", the same meaning as such term is defined in section 375.012;

  (5)  "Location", any physical location in this state or any website, call center site, or similar location directed to residents of this state;

  (6)  "Negotiate", the same meaning as such term is defined in section 375.012;

  (7)  "Person", an individual or business entity;

  (8)  "Portable electronics", electronic devices that are portable in nature, their accessories, and services related to the use of the device.  Portable electronics does not include telecommunication and cellular equipment used by a telecommunication company to provide telecommunication service to consumers;

  (9)  "Portable electronics insurance", an insurance policy issued by an insurer which may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics under which individual customers may elect to enroll for coverage for the repair or replacement of portable electronics which may cover portable electronics against any one or more of the following causes of loss:  loss, theft, mechanical failure, malfunction, damage, or other applicable perils, but does not include:

  (a)  A service contract governed by sections 385.300 to 385.321;

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

  (c)  A homeowner's, renter's, private passenger automobile, commercial multiperil, similar policy, or endorsement to such policy that covers any portable electronics;

  (10)  "Portable electronics insurance license", a license to sell or solicit portable electronics insurance;

  (11)  "Portable electronics transaction", the sale or lease of portable electronics by a vendor to a customer or the sale of a service related to the use of portable electronics by a vendor to a customer;

  (12)  "Sell", the same meaning as such term is defined in section 375.012;

  (13)  "Solicit", the same meaning as such term is defined in section 375.012;

  (14)  "Supervising business entity", the insurer or a licensed business entity producer designated by the insurer to supervise the actions of a vendor;

  (15)  "Vendor", a person in the business of engaging in portable electronics transactions directly or indirectly.

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(L. 2011 S.B. 132)

Effective 1-01-12