Portable electronic device insurance.

12LSO-0129.L1

                                                         

FISCAL NOTE

 

The fiscal impact in the form of licensing fees is indeterminable. 

 

The bill proposes to establish requirements and procedures for a new line of insurance for portable electronics.  The bill requires any vendor who is in the business of selling or leasing portable electronics to hold a limited lines insurance license before being allowed to offer, sell or solicit a portable electronics insurance policy.

 

Revenues would increase from the new filing fee on vendors engaging in portable electronics transactions.   The bill provides that the commissioner shall prescribe the licensing fees but that the original licensing fee shall not exceed $1000 and the renewal fee shall not exceed $500.  The fee for a vendor with 10 or fewer locations in Wyoming shall not exceed $100 for the initial license and $100 for license renewal.  The license term is two years.  Additional revenue from portable electronic device insurance vendor licensing fees is unknown, and will depend on the number of vendors applying for licenses.

 

Resident licensing fees are split between the General Fund (40%) and the Board of Insurance Agent’s Examiners (60%).

 

In addition, the draft bill would permit the commissioner to impose a civil penalty not to exceed $500 per violation or $5,000 in the aggregate for violations of Section 26-51-106.   The number of penalties will depend on the compliance of those required to obtain the license.

 

 

The Department will experience increased expenditures related to regulation and enforcement of the new limited lines portable electronics insurance.  The costs are expected to be minimal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Kelley Shepp, LSO     Phone: 777-7881

(Information provided by Stephanie Bryant McGee, Insurance Department  Phone: 777-6896)