‘An Act To Allow Equipment Rental Companies To Sell Insurance’
| HP0223 LD 329 |
Session - 127th Maine Legislature C "A", Filing Number H-80, Sponsored by
|
LR 688 Item 2 |
|
| Bill Tracking, Additional Documents | Chamber Status | ||
Amend the bill by striking out the title and substituting the following:
‘An Act To Allow Equipment Rental Companies To Sell Insurance’
Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 24-A MRSA §1413, sub-§9 is enacted to read:
Sec. 2. 24-A MRSA §1420-F, sub-§1, ¶K, as enacted by PL 2001, c. 259, §24, is amended to read:
Sec. 3. 24-A MRSA §1420-F, sub-§1, ¶L, as repealed and replaced by PL 2007, c. 51, §3, is amended to read:
(1) Personal accident insurance for renters and other rental car occupants for accidental death or dismemberment and for medical expenses resulting from an accident that occurs with the rental car during the rental period;
(2) Liability insurance that provides protection to the renters and other authorized drivers of a rental car for liability arising from the operation or use of the rental car during the rental period;
(3) Personal effects insurance that provides coverage to renters and other vehicle occupants for loss of, or damage to, personal effects in the rental car during the rental period;
(4) Roadside assistance and emergency sickness protection insurance; and
(5) Any other coverage designated by the superintendent . ; and
Sec. 4. 24-A MRSA §1420-F, sub-§1, ¶M is enacted to read:
Sec. 5. 24-A MRSA §1420-H, sub-§3, ¶D, as enacted by PL 2001, c. 259, §24, is amended to read:
Sec. 6. 24-A MRSA §1420-H, sub-§3, ¶E, as amended by PL 2007, c. 51, §4, is further amended to read:
Sec. 7. 24-A MRSA §1420-H, sub-§3, ¶F is enacted to read:
Sec. 8. 24-A MRSA §3043 is enacted to read:
§ 3043. Coverage for rental equipment permitted
SUMMARY
This amendment replaces the bill and is the majority report of the committee. The amendment reallocates section 1 of the bill, which allows a rental company to offer for sale an insurance policy insuring against the loss of or damage to equipment rented for personal or household purposes, to the appropriate subchapter of the Maine Insurance Code. The amendment establishes a licensing structure for equipment rental insurance that is the same as the licensing structure for insurance sold in connection with renting a motor vehicle. The amendment requires rental companies to obtain a business entity license to sell insurance in connection with renting equipment and requires at least one employee at each office of the rental company located in the State to obtain a limited lines insurance producer license. The amendment also adds provisions to clarify that the insurance sold in connection with rental equipment is a limited lines insurance product and applicants for a license to sell that insurance product are exempt from examination.