As used in this part 17, unless the context otherwise requires: “Business entity” includes an individual working for or acting on behalf of the self-storage retailer. “Insurer” means an admitted company or authorized company, as defined in section 10-1-102 (3), approved to transact insurance in this state. “Occupant” means a person or his or her […]
A supervising entity must hold a limited lines self-storage insurance producer license issued by the division in accordance with part 4 of article 2 of this title 10 in order to sell, solicit, or negotiate self-storage insurance. An employee or authorized representative of a self-storage retailer may offer and disseminate self-storage insurance to a customer […]
Before being issued a limited lines self-storage insurance producer license, a person must submit an application for a limited lines self-storage license in accordance with section 10-2-404; except that the applicant is not required to provide the information specified in section 10-2-404 (2). A supervising entity is responsible for compliance with this part 17. If […]
Before issuing a policy under this part 17, a self-storage retailer shall provide an occupant with a written self-storage insurance policy or self-storage insurance certificate that: Summarizes clearly and correctly the material terms of coverage offered to the occupant, including the identity and contact information of both the insurer and the supervising entity; States the […]
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. The training program required […]
This part 17 does not prohibit the payment or receipt of related compensation in the form of a commission, service fee, brokerage, or other valuable consideration for the sale of self-storage insurance that the supervising entity is authorized to sell, solicit, or negotiate under this part 17 if the supervising entity was duly licensed under […]
Notwithstanding any other provision of this part 17, rule promulgated by the commissioner, or order issued by the commissioner, a supervising entity is not required to meet the prelicensure educational requirements in section 10-2-201, continuing education requirements in section 10-2-301, or examination requirements in section 10-2-402. Source: L. 2017: Entire part added, (HB 17-1263), ch. […]
Notwithstanding any other provision of law: Whenever written notice or correspondence with respect to a policy is required, the insurer shall send the notice within the notice period, if any, specified by law and may send notices and correspondence by either mail or electronic means. For purposes of this subsection (1)(a)(I), an occupant’s provision of […]
The commissioner may, after notice and opportunity for a hearing, respond to a violation of a provision of this part 17 by: Taking disciplinary action against any supervising entity pursuant to section 10-2-801; Imposing other penalties, including suspending the license of a supervising entity for a violation of this part 17, as the commissioner considers […]
