Raised Bill No. 5250 is a legislative proposal concerning the regulation of self-service storage insurance in Connecticut. The bill introduces new definitions and terms such as "insurance producer," "occupant," "owner," "personal property," "rental agreement," "self-service storage facility," "self-service storage insurance," and "supervising person" to Section 38a-1 of the general statutes. It mandates that owners of self-service storage facilities must obtain a self-service storage insurance license from the commissioner to offer or sell insurance coverage, with a transitional provision for those already selling such insurance before October 1, 2024. The bill allows employees and authorized representatives to sell insurance under the owner's license without individual licenses, provided they meet certain conditions, and it details the application and renewal process for the license, including the submission of information and fees.

Furthermore, the bill updates the fee structure for various insurance-related licenses and services, setting specific fees for a wide range of services, including the issuance and renewal of licenses for domestic insurance companies, insurance producers, and other insurance-related entities. It introduces a new fee category for self-service storage insurance licenses, with a $100 filing fee for initial applications, a $500 fee for each license issued, and a $450 fee for each license renewed. These changes, including insertions of new legal language and deletions of previous language, are set to take effect on October 1, 2024, and aim to regulate the sale of self-service storage insurance in the state. The bill amends sections 38a-1, creates a new section, and amends section 38a-11(a) of the state's statutes.

Statutes affected:
Raised Bill: