§ 1435.20a. Sale of storage insurance by self-service storage facility
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 1435.20a
§ 1435.20a. Sale of storage insurance by self-service storage facility
1. “Self-service storage insurance” means personal property insurance offered to occupants of a self-service storage facility in connection with and incidental to the rental of space at the self-service storage facility. Self-service storage insurance is limited to coverage against the loss of or physical damage to personal property that occurs on the premises of the self-service storage facility or when the personal property is in transit to or from the self-service storage facility during the period of the rental agreement;
C. An owner is required to hold a limited lines license, pursuant to Section 1435.20 of Title 36 of the Oklahoma Statutes, to sell, solicit or offer coverage for self-service storage insurance. An owner is not required to be licensed solely to display and make available brochures and other promotional materials created by or on behalf of an authorized insurer or surplus lines insurer. A limited lines license shall authorize any employee or authorized representative of the owner to sell, solicit and offer coverage for self-service storage insurance to occupants at each location at which the owner conducts business.
D. An owner holding a limited lines license pursuant to Section 1435.20 of Title 36 of the Oklahoma Statutes is exempt from the examination requirements in Section 1435.6 of Title 36 of the Oklahoma Statutes and the continuing education requirements in Section 1435.29 of Title 36 of the Oklahoma Statutes.
K. The insurer issuing the self-service storage insurance shall either directly supervise or appoint a supervising entity to oversee compliance with applicable law. The insurer or supervising entity shall provide a training program for employees and authorized representatives of the owner that sell, solicit or offer self-service storage insurance. The training required by this subsection shall include each employee and authorized representative that sells, solicits or offers self-service storage insurance receiving basic instruction about the self-service storage insurance offered to occupants and the disclosures required pursuant to subsection G of this section.
M. The premium for self-service storage insurance coverage may be billed and collected by the owner. The premium for the coverage shall be separately itemized on the bill of the occupant. All premiums received by an owner for the sale of self-service storage insurance shall be considered funds held by the owner in a fiduciary capacity for the benefit of the insurer. An owner billing and collecting charges for self-service storage insurance shall not be required to maintain the funds in a segregated account provided that the owner is authorized by the insurer or supervising entity to hold the funds in an alternative manner and to remit the amounts to the supervising entity or insurer within sixty (60) days of receipt. Owners may receive compensation for billing and collection services.
O. The application for licensure shall provide the name, residence address, principal place of business, facilities covered by the license, authorized representatives and other information required by the Insurance Commissioner for the owner and the licensed producer that is designated by the applicant as the person supervising compliance with the requirements of this section. Such information shall be updated within thirty (30) days of any change. The licensed producer that is designated by the applicant does not need to own or be employed by the owner.
Credits
Laws 2019, c. 263, § 2, eff. Nov. 1, 2019.
36 Okl. St. Ann. § 1435.20a, OK ST T. 36 § 1435.20a
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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