Sec. 8. As used in this chapter, "supervising entity" means a business entity that:
(1) is an:
(A) insurer; or
(B) insurance producer;
that is licensed under this title; and
(2) issues, or is appointed by the insurer that issues, a portable electronics insurance policy that is sold, solicited, or negotiated by a vendor;
to supervise the activities of the vendor related to the portable electronics insurance policy.