Or. Admin. Code § 836-071-0430

Current through Register Vol. 63, No. 12, December 1, 2024

Section 836-071-0430 - Remission to Insurer; Funds Held in Trust; Compensation

(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.

Or. Admin. Code § 836-071-0430

ID 9-2013, f. 12-31-13, cert. ef. 1-1-14

Stat. Auth.: ORS 731.244, 744.001 & 744.083; Sec. 8, ch. 280, OL 2013

Stats. Implemented: Sec. 2 to 8, ch. 280, OL 2013