Portable electronics and optical products insurance.

Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and generally regulates the business of insurance in the state. Existing law authorizes the commissioner to issue a portable electronics insurance agent license to a portable electronics vendor, authorizing the vendor to sell or offer to its customers insurance in connection with, and incidental to, the sale of portable electronics or the sale or provision of accessories or services related to the use of portable electronics. Existing law authorizes an endorsee of a portable electronics vendor to sell or offer portable electronics insurance pursuant to the authority of the vendor's portable electronics insurance agent license, as provided. Existing law imposes various requirements on licensees and endorsees, including making specified disclosures, training, and recordkeeping. Under existing law, any person who transacts insurance without a valid license is guilty of a misdemeanor. This bill would expand the application of the above-described provisions to include optical products, as defined, by authorizing the commissioner to issue a portable electronics or optical products insurance agent license to a portable electronics or optical products vendor. The bill would make various conforming changes. By expanding the scope of products for which an insurance license is required, the violation of which is a crime, the bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.