Raised Bill No. 5250 Summary

• Requires self-service storage facility owners to obtain a license from the Insurance Commissioner before offering or selling self-service storage insurance coverage in Connecticut, effective October 1, 2024.

• Establishes licensing requirements including sworn applications with owner information, supervising person details, and shareholder information for non-individual owners deriving over 50% of revenue from such insurance sales.

• Mandates owners make available written or electronic materials disclosing that insurance may be duplicative of existing policies, that occupants are not required to purchase coverage, identity of the insurer and supervising person, deductibles, benefits, terms, and claim procedures.

• Requires owners to itemize insurance payments separately from storage rent on invoices and remit payments to the insurer or supervising person within 60 days; permits owners to receive compensation for billing and collection services.

• Sets licensing fees at $100 for initial applications, $500 for license issuance, and $450 for license renewals; licenses expire January 31 of even-numbered years unless revoked or suspended.