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Rs 22:1547 License

§1547. License

A. Unless denied licensure pursuant to R.S. 22:1554, persons who have met the

requirements of this Subpart shall be issued an insurance producer license. An insurance

producer may receive qualification for a license in one or more of the following lines of

authority:

(1) Life, which provides insurance coverage on human lives including benefits of

endowment and annuities, and may include benefits in the event of death or dismemberment

by accident and benefits for disability income.

(2) Health and accident, which provides insurance coverage for sickness, bodily

injury, or accidental death, and may include benefits for disability income.

(3) Variable life and variable annuity products.

(4) Property, which provides insurance coverage for the direct or consequential loss

or damage to property of every kind.

(5) Casualty, which provides insurance coverage against legal liability, including that

for death, injury or disability, or damage to real or personal property.

(6) Personal lines, which provides property and casualty insurance coverage to

individuals and families for primarily noncommercial purposes.

(7) Title.

(8) Credit which includes credit life, credit disability, credit property, credit

unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage

disability, guaranteed automobile protection insurance, or any other form of insurance

offered in connection with an extension of credit to partially or wholly extinguish that credit

obligation and that is designated by the insurer as limited line credit insurance. The amount

of credit insurance issued pursuant to a credit transaction shall not exceed the total sum

payable under the contract including all loan finance and credit service charges.

(9) Travel insurance as defined in R.S. 22:1782.1(3).

(10) Limited life, health and accident, which provides insurance coverage pursuant

to R.S. 22:142. A license for limited life may allow the producer to sell life insurance in an

amount not to exceed thirty thousand dollars when appointed by an insurer which meets the

minimum financial requirements of, and is licensed pursuant to, R.S. 22:82(A)(1) or

112(A)(1), and when such policies are issued by such insurer.

(11) Industrial fire.

(12) Surety which provides insurance or bond that covers obligations to pay debts

of, or answer for the default of another, including faithlessness in a position of public or

private trust. For purpose of limited line licensing, surety does not include surety bail bonds.

(13) Bail bonds.

(14) Surplus lines, subject to the requirements of Subsection I of this Section.

(15) Any other line of insurance permitted under state laws or regulations.

B. Subject to the requirements of Subsection C of this Section, an insurance producer

license shall remain in effect, unless revoked, suspended, or denied renewal or reinstatement,

as long as all applicable fees are paid and education requirements are satisfied, until the

license expires or is surrendered by the holder thereof.

C.(1) Every licensed producer shall file an application for renewal of his license

every two years, by notifying the commissioner of insurance, by methods prescribed by the

commissioner, of the licensee's intention to continue his license as either producer, limited

lines producer, or surplus lines producer.

(2) Any licensee who fails to file timely for license renewal shall be charged a late

fee as authorized by R.S. 22:821.

(3) Prior to the filing date for application for renewal of a license, the licensee shall

comply with continuing education requirements in R.S. 22:1573 for the lines of insurance

being renewed. Such producer shall file with the commissioner of insurance, by a method

prescribed by the commissioner, satisfactory certification of completion of the continuing

education requirements. Any failure to fulfill the continuing education requirements shall

result in the expiration of the license. Nothing in this Subsection shall authorize the

administration or management, under contract or otherwise, of the continuing education

program except by the employees of the department.

D. An insurance producer who allows his license to lapse may, within two years from

the expiration date of the license, reinstate the same license upon proof of fulfilling all

continuing education requirements through the date of reinstatement and upon payment of

all fees due. If the license has been lapsed for more than two years, the applicant shall fulfill

the requirements for issuance of a new license.

E. A licensed insurance producer who is unable to comply with license renewal

procedures due to military service or other extenuating circumstance, such as a long-term

medical disability, may request a waiver of those procedures. The producer may also request

a waiver of any examination requirement or any other fine or sanction imposed for failure

to comply with renewal procedures.

F. The license shall state the name and mailing address of the licensee, date of

issuance, the renewal or expiration date, the line or lines of insurance covered by the license,

and such other information as the commissioner of insurance deems necessary.

G. Every licensee shall notify the commissioner, by any means acceptable to the

commissioner, of any change of address, legal name, or information submitted on the

application within thirty days of the change. Failure to file such change within the required

time shall result in the imposition of a fifty-dollar penalty per violation. Any person against

whom a penalty has been levied shall be given due notice of such action. Upon receipt of

this notice, the licensee may apply for and shall be entitled to a hearing in accordance with

Chapter 12 of this Title, R.S. 22:2191 et seq.

H. A duplicate license may be issued for any lost, stolen, or destroyed license issued

pursuant to this Subpart upon a request by the licensee, by a method prescribed by the

commissioner, setting forth the facts of such loss, theft, or destruction, together with a fee

as authorized by R.S. 22:821.

I. Any licensed property and casualty insurance producer maintaining an office at a

designated location in this state and having at least two years experience in the insurance

business with an insurer or as an insurance producer may be licensed as a surplus lines broker

as follows:

(1) The applicant must submit an application to the commissioner of insurance for

the license on forms approved by the commissioner.

(2) The applicant must submit the required license fee, as authorized by R.S. 22:821,

for each license year during any part of which the license is in effect. The license shall

remain in force until the biannual renewal date.

(3) The applicant shall pass an examination approved by the commissioner of

insurance.

J. In order to assist in the performance of the commissioner's duties, the

commissioner may contract with nongovernmental entities, including the National

Association of Insurance Commissioners (NAIC) or any affiliates or subsidiaries that the

NAIC oversees, to perform any ministerial functions, including the collection of fees, related

to producer licensing that the commissioner and the nongovernmental entity may deem

appropriate.

K. The commissioner may participate, in whole or in part, with the National

Association of Insurance Commissioners (NAIC), or any affiliates or subsidiaries the NAIC

oversees, in a centralized producer license registry where insurance producer licenses and

appointments may be centrally or simultaneously effected for all states that require an

insurance producer license and participate in such centralized producer license registry. If

the commissioner finds that participation in such a centralized registry is in the public

interest, the commissioner may adopt by rule any uniform standards and procedures as are

necessary to participate in the registry. Any participation in a centralized registry shall be

under the administration and control of employees of the department and may not be the

subject of any contract for services with any person or entity outside of the department.

Acts 2001, No. 158, §1, eff. Jan. 1, 2002; Acts 2006, No. 335, §1, eff. June 13, 2006;

Acts 2006, No. 605, §1, eff. June 23, 2006; Redesignated from R.S. 22:1137 by Acts 2008,

No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2009, No. 485, §1, eff. Jan. 1,

2010; Acts 2010, No. 967, §1; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2014, No. 117,

§1; Acts 2014, No. 118, §1; Acts 2016, No. 315, §1, eff. June 2, 2016.

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Local Government
Louisiana
3
1
0
John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
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