Kentucky Licenses Portable Device Insurance

Kentucky regulators have released a new license application that will allow retailers and insurance agents for the first time to sell insurance to cover the portable electronic devices such as laptop computers, cellphones, and mp-3 players.

The license application requires that the person overseeing the insurance products be a licensed agent or business entity that offers and sells portable electronic devices. The supervisor must maintain a record of each place where the insurance is sold and to make the records available to regulators.

Under the law, retailers can obtain a blanket license for multiple stores throughout the state. The cost of the license is $100 for one to 20 separate locations to $2,500 for 21 or more locations in the state.

The law includes several consumer protection measures.

Topics Kentucky