- Any vendor engaging in portable electronics transactions on or prior to July 1, 2013, must apply for licensure within 90 days of the application being made available. Any vendor wishing to sell or offer portable electronics products after July 1, 2013, must obtain a license prior to offering or selling such products.
- 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 vendor.
- Before employees are eligible to offer or sell insurance products, they must receive training on the protection afforded under the policy including, but not limited to, basic instruction about the portable electronics insurance offered and the disclosures required under Title 41, Chapter 10, 41-1084 and 41-1085. Training records must be made available immediately upon request for inspection by the Department.
- Licenses are good for 24 months (2 years) and expire on the 1st day of the month following issue month.
- Only the vendor is required to hold the license. All employees of that vendor are not subject to licensure; however, they may not hold themselves out to be limited lines or other licensed insurance producers.
- Licensing fee is determined by the number of locations acting under said license.
- 10 or fewer locations: Application: $100 Renewal: $100
- 11 or more locations: Application: $1,000 Renewal: $500
- Nonresident business entities whose domicile state does not offer a portable electronics limited lines portable electronics license after July 1, 2014, shall be required to obtain a separate Property and Casualty license under Title 41, Chapter 10, or the license shall terminate in Idaho.
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