| 1 | 1 | | SENATE BILL NO. 1077 A bill to amend 1956 PA 218, entitled "The insurance code of 1956," (MCL 500.100 to 500.8302) by adding section 1294. the people of the state of michigan enact: Sec. 1294. (1) At each location where a vendor offers portable electronics insurance to customers, the vendor shall make brochures or other written materials available to a prospective customer. The brochures or other written materials must do all of the following: (a) Disclose that portable electronics insurance may provide a duplication of coverage already provided by the customer's homeowner's insurance policy, renter's insurance policy, or other insurance coverage. (b) State that the enrollment by the customer in a portable electronics insurance program is not required to purchase or lease a portable electronic device or services for the device. (c) Summarize the material terms of the portable electronics insurance coverage, including at least all of the following: (i) The identity of the insurer. (ii) The identity of the supervising entity. (iii) The amount of any applicable deductible and how it is to be paid. (iv) Benefits of the coverage. (v) Key terms and conditions of the coverage, such as whether portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment. (d) Summarize the process for filing a claim, including a description of how to return a portable electronic device and the maximum fee applicable if the customer fails to comply with any equipment return requirements. (e) State that the customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and that the person paying the premium will receive a refund of any applicable unearned premium. (2) The written materials required by this section are not subject to filing or approval requirements with the director. (3) Portable electronics insurance may be offered on a month-to-month or other periodic basis as a group or master commercial marine insurance policy issued to the vendor for its enrolled customers. As used in this subsection, "marine insurance" means marine insurance as described in section 614(2). (4) An insurer issuing a policy of portable electronics insurance shall establish eligibility and underwriting standards for customers electing to enroll in coverage for each portable electronics insurance program. Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law: (a) Senate Bill No. 1069. (b) Senate Bill No. 1070. (c) Senate Bill No. 1071. (d) Senate Bill No. 1072. (e) Senate Bill No. 1073. (f) Senate Bill No. 1074. (g) Senate Bill No. 1075. (h) Senate Bill No. 1076. (i) Senate Bill No. 1078. |
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| 21 | 21 | | SENATE BILL NO. 1077 |
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| 25 | 25 | | A bill to amend 1956 PA 218, entitled |
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| 27 | 27 | | "The insurance code of 1956," |
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| 28 | 28 | | |
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| 29 | 29 | | (MCL 500.100 to 500.8302) by adding section 1294. |
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| 30 | 30 | | |
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| 31 | 31 | | the people of the state of michigan enact: |
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| 32 | 32 | | |
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| 33 | 33 | | Sec. 1294. (1) At each location where a vendor offers portable electronics insurance to customers, the vendor shall make brochures or other written materials available to a prospective customer. The brochures or other written materials must do all of the following: |
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| 34 | 34 | | |
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| 35 | 35 | | (a) Disclose that portable electronics insurance may provide a duplication of coverage already provided by the customer's homeowner's insurance policy, renter's insurance policy, or other insurance coverage. |
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| 36 | 36 | | |
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| 37 | 37 | | (b) State that the enrollment by the customer in a portable electronics insurance program is not required to purchase or lease a portable electronic device or services for the device. |
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| 38 | 38 | | |
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| 39 | 39 | | (c) Summarize the material terms of the portable electronics insurance coverage, including at least all of the following: |
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| 41 | 41 | | (i) The identity of the insurer. |
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| 43 | 43 | | (ii) The identity of the supervising entity. |
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| 45 | 45 | | (iii) The amount of any applicable deductible and how it is to be paid. |
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| 46 | 46 | | |
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| 47 | 47 | | (iv) Benefits of the coverage. |
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| 48 | 48 | | |
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| 49 | 49 | | (v) Key terms and conditions of the coverage, such as whether portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment. |
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| 50 | 50 | | |
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| 51 | 51 | | (d) Summarize the process for filing a claim, including a description of how to return a portable electronic device and the maximum fee applicable if the customer fails to comply with any equipment return requirements. |
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| 52 | 52 | | |
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| 53 | 53 | | (e) State that the customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and that the person paying the premium will receive a refund of any applicable unearned premium. |
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| 54 | 54 | | |
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| 55 | 55 | | (2) The written materials required by this section are not subject to filing or approval requirements with the director. |
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| 56 | 56 | | |
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| 57 | 57 | | (3) Portable electronics insurance may be offered on a month-to-month or other periodic basis as a group or master commercial marine insurance policy issued to the vendor for its enrolled customers. As used in this subsection, "marine insurance" means marine insurance as described in section 614(2). |
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| 58 | 58 | | |
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| 59 | 59 | | (4) An insurer issuing a policy of portable electronics insurance shall establish eligibility and underwriting standards for customers electing to enroll in coverage for each portable electronics insurance program. |
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| 60 | 60 | | |
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| 61 | 61 | | Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law: |
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| 62 | 62 | | |
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| 63 | 63 | | (a) Senate Bill No. 1069. |
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| 67 | 67 | | (b) Senate Bill No. 1070. |
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| 71 | 71 | | (c) Senate Bill No. 1071. |
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| 75 | 75 | | (d) Senate Bill No. 1072. |
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| 79 | 79 | | (e) Senate Bill No. 1073. |
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| 83 | 83 | | (f) Senate Bill No. 1074. |
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| 87 | 87 | | (g) Senate Bill No. 1075. |
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| 91 | 91 | | (h) Senate Bill No. 1076. |
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| 95 | 95 | | (i) Senate Bill No. 1078. |
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