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The Connecticut Common Meeting has proposed a invoice that may allow house owners of self-storage companies to promote property insurance coverage to their tenants. Underneath Senate Invoice 1037 (the “Invoice”), an proprietor is required to acquire a self-service storage insurance coverage license with a purpose to promote such insurance coverage and the insurance coverage coverage should be issued by an insurer that’s licensed to put in writing such strains of enterprise in Connecticut. The Invoice wouldn’t require tenants of self-storage companies to purchase insurance coverage.
Though the Invoice requires an proprietor acquire a license to promote self-service storage insurance coverage, the Connecticut Division of Insurance coverage (the “Division”) has urged lawmakers to reject the Invoice, because it believes it lacks sure necessities that may proof competency to promote insurance coverage in addition to permits unlicensed house owners to have interaction in actions usually reserved for licensed producers. Specifically, the Division factors to language within the Invoice that may not require an proprietor “to bear any examination, schooling or persevering with schooling as a situation to receiving or renewing a self-service storage insurance coverage license.” As at the moment drafted, the Invoice would additionally authorize workers and licensed representatives of a licensed proprietor to supply and promote self-service storage insurance coverage with out holding a license. Lastly, the Division notes that the Invoice would allow an unlicensed proprietor “to show and make accessible to occupants and potential occupants brochures and different promotional supplies created by or on behalf of any insurer.”
No additional actions have been taken on the Invoice. The complete textual content of the Invoice may be discovered here.
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