Louisiana Revised Statutes 22:1550 – Specialty limited lines motor vehicle title insurance producer licenses
Terms Used In Louisiana Revised Statutes 22:1550
- Insurance: shall mean any of the lines of authority as specified in Louisiana Revised Statutes 22:1542
- License: shall mean a document issued by this state's commissioner of insurance authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Louisiana Revised Statutes 22:1542
- Negotiate: shall mean to confer directly with or to offer advice directly to a purchaser, certificate holder, or enrollee, or prospective purchaser, certificate holder, or enrollee, of a particular contract of insurance, including certificates, riders, endorsements, or amendments, concerning any of the benefits, terms, or conditions of the contract if the person engaged in that act is an insurance producer who either sells insurance or obtains insurance from insurers for purchasers, certificate holders, or enrollees. See Louisiana Revised Statutes 22:1542
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- producer: shall mean a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance, and includes all persons or business entities otherwise referred to in this Code as "insurance agent" or "agent" or "insurance broker" or "broker" or "insurance solicitor" or "solicitor" or "surplus lines broker". See Louisiana Revised Statutes 22:1542
- Sell: shall mean to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See Louisiana Revised Statutes 22:1542
- Solicit: shall mean to attempt to sell insurance or to ask or urge a person to apply for a particular kind of insurance from a particular insurer. See Louisiana Revised Statutes 22:1542
A.(1) A licensed insurance producer or limited lines motor vehicle title insurance producer may be issued a specialty limited lines motor vehicle title insurance producer license pursuant to the provisions of this Section.
(2) No producer shall sell, solicit, or negotiate motor vehicle title insurance pursuant to a specialty limited lines motor vehicle title insurance producer license other than in connection with retail sales of motor vehicles in which the transaction exceeds one thousand dollars and as provided in rules and regulations adopted by the commissioner of insurance.
(3) All insurance written pursuant to a specialty limited lines motor vehicle title insurance producer license shall be issued by a domestic title insurer or foreign or alien title insurer admitted in this state.
B.(1) For a specialty limited lines motor vehicle title insurance producer license to be issued pursuant to this Section, an applicant shall submit to the commissioner of insurance all of the following:
(a) An application, submitted in a manner prescribed by the commissioner of insurance, containing such information as prescribed by the commissioner.
(b) A list of the physical locations where activities authorized by the specialty limited lines motor vehicle title insurance producer license will be conducted.
(c) A list of the employees or representatives of the applicant, as of the date of application, to be registered pursuant to this Section.
(d) An application fee in the amount set forth in La. Rev. Stat. 22:821.
(2) Upon approval of the application, but prior to issuance of the license, the applicant shall also submit a registration fee in the amount set forth in La. Rev. Stat. 22:821.
C. Following initial issuance of the specialty limited lines motor vehicle title insurance producer license, the licensee shall submit an annual renewal application, in a manner prescribed by the commissioner of insurance, along with an annual renewal fee as set forth in La. Rev. Stat. 22:821.
D. The licensee shall submit, in a manner prescribed by the commissioner of insurance, a current list of employees and representatives for verification by the commissioner every six months in addition to a registration fee as required by La. Rev. Stat. 22:821 for every employee or representative not previously registered.
E. A specialty limited lines motor vehicle title insurance producer license issued pursuant to this Section authorizes an employee or representative of the license holder to participate in enrollment of retail motor vehicle sales customers in the types of insurance specified in this Section without being licensed if all of the following are true:
(1) The employee or representative operates with permission from and under the supervision of the license holder.
(2) The employee or representative has been instructed with respect to the disclosures which may be required to be made to consumers in connection with the sale of motor vehicle title insurance.
(3) The employee or representative is not primarily compensated based on the amount of insurance for which the employee or representative enrolls customers.
F. A specialty limited lines motor vehicle title insurance producer may not in any manner advertise, represent, or otherwise hold out any employee or representative of the license holder as a licensed insurance producer pursuant to another provision of this Subpart, unless the entity or individual actually holds the applicable license.
G. If a specialty limited lines motor vehicle title insurance producer violates any provision of this Subpart, the commissioner of insurance may, in accordance and compliance with La. Rev. Stat. 49:977.3, impose any penalties the commissioner deems necessary or appropriate to enforce the provisions of this Subpart, including but not limited to placing the license holder on probation; suspending, revoking, or refusing to renew or reinstate the license; assessing an administrative penalty against the license holder; suspending the transaction of insurance business at specific locations where a violation of this Subpart has occurred; or any combination of penalties authorized by this Subpart.
H. The specialty limited lines motor vehicle title insurance producer license shall be available equally to residents and nonresidents; however, if the laws or regulations of any other state would not permit a specialty limited lines motor vehicle title insurance producer that is a resident of this state to obtain a substantially equivalent nonresident license, then residents of that state shall not be permitted to obtain a specialty limited lines motor vehicle title insurance producer license as nonresidents under this Section.
I. A licensee under this Section may receive commissions or other compensation for services rendered in connection with the sale of motor vehicle title insurance pursuant to this Section.
J. The commissioner of insurance may, in accordance with state law, adopt reasonable regulations as are necessary or proper to carry out the purposes of this Subpart.
K. An aggrieved party affected by the commissioner’s decision, act, or order may demand a hearing in accordance with Chapter 12 of this Title, La. Rev. Stat. 22:2191 et seq.
Acts 2006, No. 360, §1, eff. June 13, 2006; Redesignated from La. Rev. Stat. 22:1138.2 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2011, No. 94, §1, eff. Jan. 1, 2012.