It works well with selinux-policy-3.13.1-33.el7.noarch

# getenforce 
Enforcing

# service libstoragemgmt status
Redirecting to /bin/systemctl status  libstoragemgmt.service
● libstoragemgmt.service - libstoragemgmt plug-in server daemon
   Loaded: loaded (/usr/lib/systemd/system/libstoragemgmt.service; enabled; vendor preset: enabled)
   Active: active (running) since Mon 2015-07-27 07:32:41 EDT; 4s ago
 Main PID: 5043 (lsmd)
   CGroup: /system.slice/libstoragemgmt.service
           └─5043 /usr/bin/lsmd -d

Jul 27 07:32:41 lenovo-rd230-03.lab.bos.redhat.com systemd[1]: Started libstoragemgmt plug-in server daemon.
Jul 27 07:32:41 lenovo-rd230-03.lab.bos.redhat.com systemd[1]: Starting libstoragemgmt plug-in server daemon...

You can find following lines in /usr/lib/systemd/system/libstoragemgmt.service:

[Service]
ExecStart=/usr/bin/lsmd -d
ExecReload=/bin/kill -HUP $MAINPID
StandardError=syslog
User=root

I changed "User=root" to "User=libstoragemgmt" and the AVC stopped appearing.

# rpm -q --scripts libstoragemgmt | grep -C2 useradd
getent group libstoragemgmt >/dev/null || groupadd -r libstoragemgmt
getent passwd libstoragemgmt >/dev/null || \
    useradd -r -g libstoragemgmt -d /var/run/lsm -s /sbin/nologin \
    -c "daemon account for libstoragemgmt" libstoragemgmt
postinstall scriptlet (using /bin/sh):
#

The lsmd process starts successfully via systemctl and it runs as:

# ps -efZ | grep lsmd
system_u:system_r:lsmd_t:s0     libstor+ 27766     1  0 14:18 ?        00:00:00 /usr/bin/lsmd -d
unconfined_u:unconfined_r:unconfined_t:s0-s0:c0.c1023 root 28093 4462  0 14:24 pts/0 00:00:00 grep --color=auto lsmd
#

There seems to be a dedicated user/group for running the daemon.

Gris,

Could you check what is the right user to run lsmd?

Hi Milos Malik,

The lsmd is running as root by default[1], unless plugin require root
privilege[2], the plugin will run in libstoragemgmt/libstoragemgmt 
user/group. 

So, please allow lsmd running as root in order to support 
libstoragemgmt-plugin-hpsa and libstoragemgmt-plugin-megaraid.

Let me know if you need more detail.

[1] The 'lsmd.conf' is controlling it. Check manpage lsmd.conf(5) for detail.
[2] libstoragemgmt-plugin-hpsa and libstoragemgmt-plugin-megaraid require root
    privilege to run local command as root user. They will indicate that
    in their plugin configuration file. Other plugins will still running as
    unprivileged user.

Removing 'Regression' tag as this is caused by an expected change
in libstoragemgmt 1.2(rebase in RHEL 7.2):

  Since libstoragemgmt version 1.2, we need root privileged to support 
  hardware RAID support:
    libstoragemgmt-plugin-hpsa and libstoragemgmt-plugin-megaraid

We still run other plugins as unprivileged user.
User could force lsmd and all plugins to run as unprivileged user
via /etc/lsm/lsmd.conf, please check manpage lsmd.conf(5) for detail.

commit fd65f7ea8eda195598e555819dc4e931ed6420c1
Author: Miroslav Grepl <mgrepl>
Date:   Fri Aug 7 12:00:59 2015 +0200

    Allow lsmd also setuid capability. Some commands need to executed under root privs. Other commands are executed under unprivileged user.

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory, and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://rhn.redhat.com/errata/RHBA-2015-2300.html