Senate Enrolled Act No. 432 - Self-Storage Insurance

• Creates new Chapter 16.1 of Indiana Code establishing regulatory framework for self-storage insurance sold by self-storage facilities, effective July 1, 2013.

• Requires self-storage facilities to obtain a limited lines producer license to sell, solicit, or negotiate self-storage insurance covering loss or damage to personal property in storage.

• Self-storage facility employees and authorized representatives may sell insurance without individual licenses if the insurer or supervising entity directly supervises administration and provides mandatory training programs before and on an ongoing basis.

• Mandates self-storage facilities provide written disclosures to customers including notice of potential duplicate coverage, summary of policy terms, deductibles, benefits, claim process, and cancellation rights with unearned premium refunds.

• Establishes enforcement authority for the insurance commissioner to impose civil penalties of $50 to $10,000 and suspend licenses for violations, with a transition period allowing facilities engaged in sales during June 2013 until October 31, 2013 or 90 days after application availability to obtain required licensing.