Bill > H4765

This bill establishes a licensing framework for "self-service storage agents," which are operators of self-storage facilities who wish to sell or offer insurance to their customers, referred to as "occupants," for the loss or damage of their "personal property" stored at the facility. The bill outlines that these agents must obtain a renewable license from the commissioner, which is valid for up to two years, and that employees or authorized representatives selling this insurance will not need a separate license but must be at least 18 years old and undergo training. Before selling insurance, agents must provide prospective occupants with approved written materials detailing the insurance coverage, including its terms, benefits, exclusions, and the fact that it might duplicate existing insurance. These materials must also explain how to file a claim, the option to cancel coverage for a refund, and that all costs will be stated in writing, with evidence of coverage or a voluntary declination of coverage provided to each occupant. The bill also specifies that agents cannot advertise themselves as licensed insurers and can receive commissions, while employees can receive incentive payments, but these payments cannot solely depend on insurance sales. The commissioner has the authority to impose fines and other penalties, such as suspending business operations at specific locations or revoking an individual's right to act under the license, for violations of these provisions.