Mississippi § 83-73-1 - Definitions.

§ 83-73-1. Definitions.

For purposes of this chapter, the following terms have the following meanings: “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. “Commissioner” means the Commissioner of Insurance for the State of Mississippi. “Customer” means a person who purchases portable electronics or services. “Enrolled customer” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. “Location” means any physical location in the State of Mississippi or any website, call center site or similar location directed to residents of the State of Mississippi. “Portable electronics” means electronic devices that are portable in nature, their accessories and services related to the use of the device. (i) “Portable electronics insurance” means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. The insurance shall not exceed Seven Thousand Five Hundred Dollars ($7,500.00). “Portable electronics insurance” does not include: 1. A service contract governed by Section 75-24-91; 2. A policy of insurance covering a seller’s or a manufacturer’s obligations under a warranty; or 3. A homeowner’s, renter’s, private passenger automobile, commercial multiperil or similar policy. “Portable electronics transaction” means: The sale or lease of portable electronics by a vendor to a customer; or The sale of a service related to the use of portable electronics by a vendor to a customer. “Portable electronics insurance producer” means a business entity required to be licensed under the laws of this state to sell, solicit or negotiate portable electronics insurance. “Subsidiary corporation” means any corporation in which a majority of the voting stock is owned, directly or indirectly, by another corporation. “Supervising entity” means a business entity that is a licensed insurer or insurance producer that is authorized by an insurer to supervise the administration of a portable electronics insurance program. “Vendor” means a business entity in the business of selling, soliciting or negotiating portable electronics transactions directly or indirectly.