SB 1037 Summary

• Creates a new licensing requirement for self-service storage facility owners who offer or sell self-service storage insurance coverage, effective October 1, 2023.

• Owners must obtain a self-service storage insurance license from the Insurance Commissioner; licenses are valid for two years and can be renewed; existing owners offering such coverage prior to October 1, 2023 may continue until their initial application is approved or denied.

• Requires owners to make available to occupants written disclosures including: that coverage may be duplicative, occupancy is not required to purchase insurance, insurer identity, deductible amounts, benefits summary, terms and conditions, claims process, and cancellation rights.

• Allows owners to bill and collect insurance premiums if itemized separately on invoices and remitted to the insurer within 60 days; owners must hold premiums in a fiduciary capacity for the insurer.

• Establishes licensing fees: $100 filing fee for initial application, $500 fee for license issuance, and $450 fee for license renewal; requires insurers issuing such coverage to file policy forms and appoint supervising persons to maintain registries of locations offering the insurance.