SB 780 - This act creates a regulatory system for self-service storage insurance and the selling of such insurance. This act allows a self-service storage operator ("operator") to offer and disseminate self-service storage insurance under certain conditions, including being under the control of a limited lines self-service storage insurance producer ("producer"). Producers shall maintain a register of each operator that offers 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 operator whose duties include offering and disseminating self-service storage insurance to receive training that meets minimum standards outlined in the act, which may be subject to review by the Director of the Department.
Operators offering and disseminating self-service storage insurance shall make available brochures or other print materials to prospective purchasers that meet minimum standards as outlined in the act. Self-service storage operator'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. Policies offered and disseminated by self-service storage operators, insurance producers, employees, and authorized representatives are limited to five thousand dollars per customer per storage unit. The producer is responsible for the acts of the operator and shall use reasonable means to ensure compliance of the operator with the terms of the act.
This act is similar to provisions in HB 2167 (2016), SS/SCS/HCS/HB 2194 (2016), SCS/SB 862 (2016), the introduced version of SB 503 (2015), and HB 1225 (2014).