A. A licensed insurance producer may solicit for and issue personal travel accident insurance policies of an authorized insurer by means of mechanical vending machines supervised by the insurance producer and placed at airports and other places of convenience to the traveling public, if the superintendent finds that:
(1) the policy provides reasonable coverage and benefits, is suitable for sale and issuance by vending machine and use of such a machine in a proposed location would be of material convenience to the public;
(2) the type of machine proposed to be used is reasonably suitable for the purpose;
(3) reasonable means are provided for informing prospective purchasers of policy coverages and restrictions;
(4) reasonable means are provided for refund of money inserted in defective machines and for which insurance so paid for is not received; and
(5) the cost of maintaining such a machine at a particular location is reasonable.
B. For each machine to be used the superintendent shall issue to the applicant a special vending machine license. The license shall state the name and address of the insurer and insurance producer, name of the policy to be sold and serial number and operating location of the machine. The license shall be subject to biennial continuation, to expiration, suspension or revocation coincidentally with that of the insurance producer. The superintendent shall also revoke the license as to any machine as to which the superintendent finds that license qualifications no longer exist. Proof of existence of a subsisting license shall be displayed on or about each machine in use in the manner that the superintendent reasonably requires.
History: Laws 1984, ch. 127, § 224; 1999, ch. 272, § 13; 1999, ch. 289, § 14; 2016, ch. 89, § 42.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, replaced "agent" with "insurance producer" throughout the section and extended the duration of a license; in Subsection B, after "The license shall be subject to", deleted "annual" and added "biennial", after "any machine as to which", deleted "he" and added "the superintendent", after "each machine in use in", deleted "such" and added "the", and after "manner", deleted "as" and added "that".
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 1999 amendment, effective June 18, 1999, deleted "resident" preceding "agent" in the introductory language of Subsection A.