CS/HB 411--Limited insurance licenses.The bill provides changes to two limited insurance licenses issued by the Department of Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . It changes the license for personal accident insurance to "travel insurance," and changes the license for baggage and motor vehicle excess liability insurance to "motor vehicle rental insurance." The "travel insurance" license is expanded to cover accidental death and dismemberment dismemberment /dis·mem·ber·ment/ (dis-mem´ber-ment) amputation of a limb or a portion of it. dismemberment amputation of a limb or a portion of it. of a traveler; trip cancellation, interruption, or delay; loss of or damage to personal effects personal effects n. an expression often found in wills ("I leave my personal effects to my niece, Susannah") personal effects (things) include clothes, cosmetics, and items of adornment. or travel documents; baggage delay; emergency medical travel or evacuation of a traveler; or medical, surgical, and hospital expenses related to illness or emergency of a traveler. The bill authorizes timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. developers, sellers of travel, and their subsidiaries or affiliates to obtain a limited agent's license to sell travel insurance. Such insurance policies or certificates may be issued for terms longer than 60 days, but each policy or certificate, other than a policy or certificate providing coverage for air ambulatory services only, must be limited to coverage for travel or use of accommodations of no longer than 60 days. Employee training is required and fingerprinting fingerprinting Act of taking an impression of a person's fingerprint. Because each person's fingerprints are unique, fingerprinting is used as a method of identification, especially in police investigations. is mandated for specified officers of the licensed entity. The "motor vehicle rental insurance" license is expanded to include accidental personal injury or death of the lessee One who rents real property or Personal Property from another. A lessee of land is a tenant. Cross-references Landlord and Tenant. lessee n. the person renting property under a written lease from the owner (lessor). and passengers in a leased or rented motor vehicle. The bill authorizes licensure of only the "business entity" for a motor vehicle rental insurance license, rather than licensing each entity's branch office, as under current law. The method used for calculating licensing fees is revised so the bill's effect is revenue neutral. License applicants must furnish to the department specified information about each business entity's branch office that is to be covered by the license. The bill expands the maximum time period for which insurance may be issued under a limited license leases or rental agreements A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. from 30 to 60 days. The bill also clarifies that limited insurance policies or certificates may only be sold by an authorized insurer or an eligible surplus lines insurer. These provisions were approved by the governor, and take effect January 1, 2008. Chapter 2007-76 L.O.F. |
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