20-293
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20-293. Insurance vending machines A. Only a licensed insurance producer who is authorized by the director may solicit applications for and issue policies by means of mechanical vending machines. The insurance producer shall supervise each machine and shall issue policies only of insurers authorized to transact business in this state. A policy shall not be solicited and issued through a machine if the director finds that the kind of insurance or form of policy to be sold is unsuitable for sale and issuance through vending machines, that use of a vending machine may pose a risk of harm to the public or that the proposed type of vending machine is not reasonably suitable and practical for the purpose. B. The insurance producer shall display on or near each vending machine evidence of the producer's authority to solicit applications and issue policies in a manner and form as the director may reasonably require. The evidence of authority shall specify the name and address of both the insurer and the insurance producer, the kind of insurance and type of policy to be sold, the place where the machine is to be in operation and the machine's identification number. The authority granted pursuant to this section expires coincident with the insurance producer's license. The director shall suspend, revoke or otherwise terminate the authority to operate a vending machine coincidentally with that of the insurance producer. |