Louisiana Revised Statutes 23:1407.1 – Issuance or renewal of policies not backed by full faith and credit of state; disclosure
Terms Used In Louisiana Revised Statutes 23:1407.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Louisiana Workers' Compensation Corporation. See Louisiana Revised Statutes 23:1392
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. After the full faith and credit of the state is extinguished, the corporation and any person who is an officer, employee, agent, or representative of the corporation, in the solicitation and negotiation of the renewal or issuance of any policy by the corporation, shall disclose that the full faith and credit of the state does not guarantee the legal obligations of the corporation under such policy.
B. Each policy issued or renewed by the corporation after the full faith and credit of the state is extinguished shall contain a statement that the full faith and credit of the state does not guarantee the legal obligations of the corporation under the policy. Any such policy which does not contain such provision shall be void.
Acts 1999, No. 855, §1, eff. Dec. 27, 1999.