Louisiana Revised Statutes 22:494 – Duty on producers to obtain license
Terms Used In Louisiana Revised Statutes 22:494
- Commissioner: means the commissioner of insurance of Louisiana or the commissioner, director, or superintendent of insurance in any other state. See Louisiana Revised Statutes 22:482
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Louisiana Revised Statutes 22:482
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Purchasing group: means any group domiciled in any state which:
(a) Has as one of its purposes the purchase of liability insurance on a group basis. See Louisiana Revised Statutes 22:482
- Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:
(a) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See Louisiana Revised Statutes 22:482
- State: means any state of the United States and the District of Columbia. See Louisiana Revised Statutes 22:482
Any person acting, or offering to act, as a producer for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall obtain a license from the commissioner pursuant to La. Rev. Stat. 22:1541 through 1554 and 1556 through 1565.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Acts 1996, 1st Ex. Sess., No. 71, §1, eff. May 10, 1996, H.C.R. No. 4, 2002 1st Ex. Sess.; Redesignated from La. Rev. Stat. 22:2082 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.