§ 10-4-1705 — Supervision of issuance - training

(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.

Legislative History

Source: L. 2017: Entire part added, (HB 17-1263), ch. 368, p. 1918, � 1, effective August 9.