The bill amends Section 8 of P.L.2012, c.56 (C.17:22A-56) regarding the rights and responsibilities of insurers in relation to portable electronics insurance. It establishes that insurers must provide at least 30 days' notice to policyholders and enrolled consumers before terminating or changing the terms of a policy. If changes are made, insurers are required to provide revised documentation to both the vendor policyholder and enrolled consumers. The bill also allows for immediate termination of an enrolled consumer's coverage under specific circumstances, such as nonpayment of premiums or fraud, and mandates that policyholders notify enrolled consumers of policy terminations at least 30 days in advance.

Additionally, the bill outlines the requirements for written notice or correspondence related to portable electronics insurance, specifying that it must be sent to the appropriate addresses and that proof of mailing must be maintained. It also states that if an insurer has reason to believe that an electronic mail notice was not received, they must switch to another delivery method. The act is set to take effect 180 days after its enactment.

Statutes affected:
Introduced: 17:22A-56
Advance Law: 17:22A-56
Pamphlet Law: 17:22A-56