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The fluid can disappear if you are tracking the car. It can boil over a bit or slosh around during hard cornering. There were some aftermarket caps for the reservoir that attempted to remedy this, but most people just put an old sock or headband around it.
I don't know if there is a PS fluid sensor, but you should be checking it periodically as part of regular maintenance. Top it off with CHF11S or CHF202 (superseded 11S) as needed.
BMW doesn't spec a change interval but I did mine at 50k. It's not a totally sealed system, so the fluid does get dirty over time.
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Now: 2017 Corvette Grand Sport, 2021 AMG C63 S sedan
Past: 2011.5 M3 sedan ZCP
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