New Mexico § 59A-60-4 Requirements for sale of portable electronics insurance

New Mexico Statutes

§ 59A-60-4 — Requirements for sale of portable electronics insurance

New Mexico·Ch. 59A Insurance Code·Art. 60 Portable Electronics Insurance

A. At every location where portable electronics insurance is offered to customers, brochures or other written materials shall be made available to a prospective customer that:

(1)disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer's homeowner's insurance policy, renter's insurance policy or other source of coverage;

(2)state that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services;

(3)summarize the material terms of the insurance coverage, including:

(a)the identity of the insurer;

(b)the identity of the supervising entity;

(c)the amount of any applicable deductible and how it is to be paid;

(d)benefits of the coverage; a

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A. At every location where portable electronics insurance is offered to customers, brochures or other written materials shall be made available to a prospective customer that: (1) disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer's homeowner's insurance policy, renter's insurance policy or other source of coverage; (2) state that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services; (3) summarize the material terms of the insurance coverage, including: (a) the identity of the insurer; (b) the identity of the supervising entity; (c) the amount of any applicable deductible and how it is to be paid; (d) benefits of the coverage; and (e) key terms and conditions of coverage, including whether portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment; (4) summarize the process for filing a claim, including a description of how to return portable electronics, and the maximum fee applicable in the event the customer fails to comply with any equipment return requirements; and (5) state that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person paying the premium shall receive a refund of any applicable unearned premium. B. The written materials required by this section shall not be subject to filing or approval requirements with the superintendent. C. Portable electronics insurance 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 for its enrolled customers. D. Eligibility and underwriting standards for customers electing to enroll in coverage shall be established for each portable electronics insurance program.

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