Conditions for offering and disseminating travel insurance under business entity license

A travel retailer may offer and disseminate travel insurance under a limited lines travel insurance producer business entity license only if the entity meets the following conditions:

(1) The limited lines travel insurance producer or travel retailer provides to purchasers of travel insurance:

(a) A description of the material terms or the actual material terms of the insurance coverage;

(b) A description of the process for filing a claim;

(c) A description of the review or cancellation process for the travel insurance policy; and

(d) The identity and contact information of the insurer and limited lines producer;

(2) At the time of licensure, the limited lines travel insurance producer shall establish and maintain a register on a form prescribed by the director of each travel retailer that offers travel insurance on the limited lines producer's behalf. The limited lines travel insurance producer shall maintain and update the register annually and shall include the name, address, and contact information of the travel retailer and an officer or person who directs or controls the travel retailer's operations, and the travel retailer's federal tax identification number. The limited lines travel insurance producer shall submit such register to the division of insurance upon reasonable request. The limited lines producer shall certify that the travel retailer registered complies with 18 U.S.C. 1033;

(3) The limited lines travel insurance producer shall designate an employee who is a licensed individual producer as a designated responsible producer, or DRP. The DRP is responsible for the limited lines travel insurance producer's compliance with the travel insurance laws and rules of this state;

(4) The limited lines travel insurance producer pays all applicable insurance producer licensing fees;

(5) The limited lines travel insurance producer requires each employee and authorized representative of the travel retailer whose duties include offering and disseminating travel insurance to receive a program of instruction or training, which is subject to review by the director. The training material shall, at a minimum, contain instructions on the types of insurance offered, ethical sales practices, and required disclosures to prospective customers; and

(6) Limited lines travel insurance producers, and those registered under its license, are exempt from any examination and continuing education requirements under this chapter.

Source: SL 2014, ch 241, § 7.