SCS/SB 503 - This act creates a regulatory system for self-service storage insurance and the selling of such insurance. This act allows a limited lines self-service storage producer ("producer") to offer and disseminate self-service storage insurance. Producers shall meet certain licensing and training criteria. Producers shall also maintain a register of individuals that offer the self-service storage insurance on the producers' behalf and make the information contained in the register available to the Department of Insurance, Financial Institutions, and Professional Registration ("Department") upon request. The producers shall also require each employee and authorized representative of the producer whose duties include offering and disseminating self-service storage insurance to receive training that meets minimum standards outlined in the act, which shall be reviewed and approved by the Director of the Department.
Producers offering and disseminating self-service storage insurance shall provide brochures or other print materials to prospective purchasers that meet minimum standards as outlined in the act. Self-service storage insurance producer's employees and authorized representatives shall not engage in certain activities including evaluating the technical terms of the policies or holding themselves out as insurance producers. Limited lines self-service storage insurance producers, operators, employees and authorized representatives may offer and disseminate self-service storage insurance policies in an amount not to exceed $3,000 per customer per unit.
This act is similar to provisions in HB 1225 (2014).