(1) A supervising entity shall supervise the administration of the offering and disseminating
of self-storage insurance. The supervising entity shall develop a training program for the offering and disseminating
of the self-storage insurance and shall require any individual working for or acting
on behalf of the self-storage retailer to attend the training.
(2) The training program required pursuant to subsection (1) of this section is mandatory
for any individual working for or acting on behalf of a self-storage retailer that
is directly engaged in the activity of offering or disseminating self-storage insurance
and must include the following:
(a) An education program regarding self-storage insurance that is conducted and overseen
by the supervising entity;
(b) Instruction to any individual or business entity working for or acting on behalf
of a self-storage retailer about the self-storage insurance offered to occupants and
the disclosures required pursuant to this part 17; and
(c) Instruction that any individual or business entity working for or acting on behalf
of a self-storage retailer shall not:
(I) Advertise, represent, or otherwise hold himself or herself out as a licensed insurance
producer of any kind; or
(II) Evaluate or interpret technical terms, benefits, or conditions of the offered
self-storage insurance or evaluate an occupant's existing insurance coverage, if the
occupant has any such coverage.
(3) The self-storage retailer may bill and collect premiums for self-storage insurance. These self-storage insurance premiums must be separately itemized if they are not
included in the cost of the rental. If the premiums are included in the cost of the rental of the self-storage space,
a supervising entity shall ensure that it is clearly and conspicuously disclosed to
the occupant that the self-storage insurance is included with the rental fees for
the self-storage space. A supervising entity shall establish a separate fiduciary account for the collected
coverage premiums but is not required to segregate the individual occupants' premiums
in that account. A supervising entity shall remit the coverage premium charges to the insurer within
sixty days after receipt. All coverage premiums held by a supervising entity are held in trust by the supervising
entity in a fiduciary capacity for the benefit of the insurer.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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