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2013 SESSION

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HB 1731 Self storage units; procedure for lessors to sell self storage insurance for personal property.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Self storage unit insurance. Establishes a procedure for lessors of self storage units to sell insurance that provides coverage against loss of or damage to items of personal property stored in a self storage unit in accordance with the terms of the storage unit rental agreement. The lessor will be required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under such policies. The lessor's employees and authorized representatives are not subject to licensure as producers if, among other requirements, the lessor is licensed, maintains a training program, and does not compensate its employees or authorized representatives based primarily on the number of customers purchasing coverage. The measure provides for the issuance of a license to an applicant whose home state does not issue a producer license with a similar line of authority, provided that the license will terminate if his home state does not have a similar line of insurance by July 1, 2017, or a later date determined by the State Corporation Commission. The Commission is authorized to promulgate rules and regulations.


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