RSA 402-O:4 · Authority of Owners

402-O:4 Authority of Owners. –

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I.

The employees and authorized representatives of owners may sell and offer self-service storage insurance to renters and shall not be subject to licensure as an insurance producer under this chapter provided that:

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(a)

The owner obtains a limited lines license to authorize its employees and authorized representatives to sell and offer self-service storage insurance pursuant to this chapter.

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(b)

The insurer issuing the self-service storage insurance either directly supervises or appoints a supervising entity to supervise the administration of the program, including development of a training program for employees and authorized representatives of the owners. The training required by this section shall comply with the following:

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(1)

The training shall be delivered to the employees and authorized representatives who are directly engaged in the activity of selling and offering self-service storage insurance.

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(2)

The training may be provided in electronic form. However, if conducted in electronic form the supervising entity shall implement a supplemental education program regarding the self-service storage insurance that is conducted and overseen by a licensed producer.

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(3)

Each employee and authorized representative who is directly engaged in the activity of selling and offering self-service storage insurance shall receive basic instruction about the self-service storage insurance offered to renters and the disclosures required under RSA 402-O:3.

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(4)

The training program shall be submitted to the commissioner for approval.

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(c)

No employee or authorized representative of an owner shall advertise, represent, or otherwise hold himself or herself out as a non-limited lines licensed insurance producer, unless otherwise licensed.

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II.

The charges for self-service storage insurance coverage may be billed and collected by the owner and its employees and authorized representatives. Owners billing and collecting such charges shall not be required to maintain such funds in a segregated account provided that the owner is authorized by the insurer or supervising entity to hold such funds in an alternative manner and remits such amounts to the insurer or supervising entity within 60 days of receipt. All premiums received by an owner from a renter for the sale of self-service storage insurance shall be considered funds held by the owner in a fiduciary capacity for the benefit of the insurer. An owner may receive compensation for billing and collection services. Source. 2021, 119:2, Pt. III, Sec. 1, eff. Jan. 1, 2022.

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