78314338.2-1884Virginia Decodedhttps://vacode.org2016InsuranceInsurance AgentsSelf Storage InsuranceAuthority of lessors of self storage units2013, c. 203; 2015, c. 334.http://law.lis.virginia.gov/vacode/38.2-1884/38.2-1813Reporting and accounting for premiums/38.2-1813//38.2-1884/38.2/18/8.1/38.2-1884

The employees and authorized representatives of lessors may sell or offer self storage insurance to customers and shall not be subject to licensure as an insurance producer under this chapter provided that:section

A

AA1

The lessor obtains a limited lines property and casualty insurance agent license;section

A

1

A1A12

The lessor selling the self storage insurance provides a training program for all employees and authorized representatives of the lessor. The training program shall consist of instruction about the self storage insurance offered to customers, the disclosures required by this article, and the conduct prohibited by § 38.2-512. The training required by this subdivision may be delivered in person or in an electronic form. The licensed producer designated by the lessor as being responsible for its compliance with the insurance laws, rules, and regulations of the Commonwealth, as required by § 38.2-1820, shall hold a property and casualty insurance agent license and shall supervise the administration of the training program required by this subdivision;section

A

2

A2A22

No employee or authorized representative of a lessor of self storage units is compensated based primarily on the number of customers who purchase self storage insurance coverage; however, such an employee or authorized representative may receive compensation for activities under the limited lines license that is incidental to their overall compensation; andsection

A

3

A3A32

The employee or authorized representative of the lessor of self storage insurance does not represent or otherwise hold himself out as a licensed insurance producer.section

A

4

A4A42

No employee or authorized representative of a lessor of a self storage unit may:section

B

BB1

Evaluate or interpret the technical terms, benefits, and conditions of the offered self storage unit insurance;section

B

1

B1B12

section

B

2

B2B22

Hold himself out as a licensed insurer, licensed agent, or insurance expert.section

B

3

B3B32

section

C

CC1

A lessor shall report any violation of this article to the Commissioner within 30 days of discovery of the violation by the lessor.section

D

DD1

section

E

EE1

The charges for self storage insurance coverage may be billed and collected by the lessor. Lessors billing and collecting premiums for self storage insurance shall be required to comply with the provisions of § 38.2-1813. Lessors may receive compensation for billing and collection services.section

F

FF1

section

G

GG1