- (1) If authorized by an insurer the limited licensee that bills and collects the cost of self-service storage insurance coverage from an enrolled customer is not required to deposit the amount paid in a segregated account but shall remit the amount collected to the insurer or the supervising entity within 60 days of receipt from the enrolled customer.
- (2) Moneys collected by a limited licensee from the enrolled customer for the cost of the self-service storage insurance are considered funds held by the licensee in trust for the benefit of the insurer.
- (3) A limited licensee may receive compensation from an insurer for billing and collecting the cost of self-service storage insurance coverage purchased by enrolled customers.
- (4) Limited licensees and insurers operating under a self-service storage limited license are not subject to ORS 744.083 and 744.084 for purposes of premium collected for self-service storage insurance.
Statutory/Other Authority
ORS 731.244, 744.001 & 744.083; Sec. 8, ch. 280 & OL 2013
Statutes/Other Implemented
Sec. 2 to 8, ch. 280 & OL 2013
History
ID 9-2013, f. 12-31-13, cert. ef. 1-1-14