Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 075 - BUSINESS ENTITY LIMITED LINES PRODUCER FOR SELF-STORAGE INSURANCE LICENSE (REG. I-2019-02) › Section 21 020 075 - BUSINESS ENTITY LIMITED LINES PRODUCER FOR SELF-STORAGE INSURANCE LICENSE (REG. I-2019-02)

Current through June, 2024
Section 1 Authority
This rule is promulgated under the authority granted to the
				  Commissioner by
				  8 V.S.A.
				  §§
											15,
				  4813a(6)
				  and
				  4813f(b).
Section 2 Purpose
The purpose of this rule is to establish a business entity
				  limited lines producer license for the sale of self-storage insurance and to
				  set forth requirements for the sale of self-storage insurance by an owner and
				  its employees and authorized representatives.
Section 3 Scope
This rule governs the sale of self-storage insurance by an
				  owner and its employees and authorized representatives.
Section 4 Definitions
(1) "Designated Responsible Licensed
				Producer" or "DRLP" means a licensed insurance producer who is a natural person
				appointed by the insurer as described in Section
				6(A)(4)
				of this rule, to be responsible for the business entity's compliance with the
				insurance laws, rules, and regulations of the State, pursuant to
				8 V.S.A. §
											4813f(b)(2).
(2) "Occupant" means a person, successor,
				assignee, agent, or representative entitled to the use of storage space in a
				self-storage facility under a rental agreement to the exclusion of others, as
				defined in
				9 V.S.A. §
											3901(2).
(3) "Offer and disseminate" means providing
				general information, including a description of the coverage and price, as well
				as processing the application, collecting premiums, and performing other
				non-licensable activities permitted by the Department of Financial
				Regulation.
(4) "Owner" means the
				owner, operator, lessor, or sublessor of a self-storage facility, an agent, or
				any other person authorized by the owner to manage the facility or to receive
				rent from an occupant under a rental agreement, as defined in
				9 V.S.A. §
											3901(3).
(5) "Negotiate" means the act of conferring
				directly with or offering advice directly to a purchaser or prospective
				purchaser of a particular contract of insurance concerning any of the
				substantive benefits, terms, or conditions of the contract, provided the person
				engaged in that act either sells insurance or obtains insurance from insurers
				for purchasers, as defined in
				8 V.S.A. §
											4813a.
(6) "Personal property" means movable
				property not affixed to land, and includes goods, merchandise, and household
				items, as defined in
				9 V.S.A. §
											3901(4).
(7) "Rental agreement" means any written
				agreement that establishes or modifies the terms, conditions, rules, or any
				other provision concerning the use and occupancy of a self-storage facility, as
				defined in
				9 V.S.A. §
											3901(5).
(8) "Self-storage facility" means any real
				property designed and used for the purpose of renting or leasing individual
				storage space to occupants who are to have access to such space for the purpose
				of storing and removing personal property, as defined in
				9 V.S.A. §
											3901(6).
(9) "Self-storage insurance" means personal
				property insurance offered and disseminated in connection with and incidental
				to the rental of storage space at a self-storage facility and that provides
				coverage to occupants at the self-storage facility where the insurance is
				transacted for the loss of or damage to personal property that occurs at that
				facility or when such property is in transit to or from that facility during
				the period of the rental agreement.
(10) "Self-storage insurance producer" means
				an owner that is licensed to sell, solicit, or negotiate self-storage insurance
				pursuant to this rule.
(11)
				"Supervising entity" means a business entity that is a licensed insurer or
				insurance producer that is appointed by an insurer to supervise the
				administration of a self-storage insurance program.