AR HB1933

Establishes a limited license for self-service storage facility owners to sell insurance covering personal property stored at their facilities against loss, theft, damage, or other rental-related causes.

Insurance Commissioner may issue limited licenses to qualified owners without examination upon written application; facility owners must obtain license before selling insurance in connection with storage rentals.

Limited licensees must provide customers with brochures disclosing that insurance may duplicate existing coverage, is not required to lease space, and clearly summarizing policy terms, deductibles, benefits, claim procedures, and cancellation rights.

Employees and authorized representatives acting under a limited license are prohibited from evaluating existing insurance coverage, claiming to be licensed producers or insurance experts, and from receiving compensation based primarily on enrollment numbers.

Violations result in fines up to $500 per violation or $5,000 aggregate, with additional penalties including suspension or revocation of license; facility owners may bill and collect insurance charges and receive compensation from insurers for billing services.