NJ Bill To Regulate Cellphone, Laptop Insurance Advances

Law360, New York (June 19, 2012, 10:15 PM EDT) -- Vendors selling portable electronics insurance would have to be licensed by the New Jersey Department of Banking and Insurance under a consumer protection bill approved by a state Senate committee Monday.

The proposed legislation, designed to rein in the free-for-all portable electronics insurance market, also would establish billing practices for coverage of the repair or replacement of cellphones, iPads, laptops and other devices that are lost, stolen or broken.

"What consumers think is a bona fide insurance policy has become another way for wireless companies to...
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