806 Ky. Admin. Regs. 9:380
Current through Register Vol. 51, No. 4, October 1, 2024
Section 806 KAR 9:380 - Limited Lines Self-Service Storage Space Insurance RequirementsRELATES TO: KRS 304.4-010, 304.9-030, 304.9-105, 304.9-130, 304.9-150, 304.9-230, 304.9-260, 304.9-270, 304.9-495, 304.9-497
NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 authorizes the commissioner to promulgate administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. KRS 304.9-080 requires a self-service storage space insurance producer to be licensed and requires the commissioner to prescribe and furnish all forms required under KRS Chapter 304.9 as to licenses and appointments. KRS 304.9-496 requires the commissioner to prescribe a register form for a limited lines of self-service storage space insurance producer for the purpose of maintaining a list of each facility that offers this insurance on the producer's behalf. This administrative regulation establishes the information to be included in the application for a limited lines self-service insurance storage space producer, the recordkeeping requirements for a self-service storage facility and their employees who offer and disseminate self-service storage space insurance, and the register form.
Section 1. Definitions.(1) "Limited lines self-service storage space insurance producer" is defined by KRS 304.9-495(1).(2) "Self-service storage facility" is defined by KRS 304.9-495(6).(3) "Self-service storage space insurance" is defined by KRS 304.9-495(7).Section 2. License Application.(1) To apply for a limited lines self-service storage space insurance producer license, an applicant shall submit:(a) The appropriate completed form:1. For individuals, Form 8301, incorporated by reference in 806 KAR 9:025; or2. For Business Entities, Form 8301-BE, incorporated by reference in 806 KAR 9:025;(b) A register, signed by the licensed limited lines self-service storage space insurance producer applicant, as prescribed on the Self-Service Storage Space Location Form, and in accordance with KRS 304.9-496(1)(b); and(c) Payment of fees in accordance with 806 KAR 4:010.(2) The register provided on the Self-Service Storage Space Location Form shall be made available to the department upon request.Section 3. Limited Lines Self-Service Storage Space Insurance Producer Responsibilities. A licensed limited lines self-service storage space insurance producer shall: (1) Be responsible for the acts of the self-service storage facility operator that occur within the scope of their operation of a self-service storage facility;(2) Provide a program for instructional training to the employees of the self-service storage facility operator;(3) Be responsible for the insurance activities of the self-service storage facility, its operators, unlicensed employees, and representatives;(4) Report all material changes and additions to the department within thirty (30) days; and(5) Before transacting any business at any location, ensure that the self-service storage facility and its operators provide the appropriate consumer protection disclosures as prescribed in KRS 304.9-497 to all prospective consumers in writing.Section 4. Material Incorporated by Reference.(1) The Self-Service Storage Space Location Form, 2/2022 is incorporated by reference.(2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Kentucky Department of Insurance, Mayo-Underwood Building, 500 Mero Street, Frankfort, Kentucky 40601, Monday through Friday, 8 a.m. to 4:30 pm. This material is also available on the Department's Web site at https://insurance.ky.gov/ppc/CHAPTER.aspx.49 Ky.R. 346; eff. 11/1/2022.STATUTORY AUTHORITY: KRS 304.2-110, 304.9-080, 304.9-496