Louisiana Revised Statutes 22:382 – License required of property residual value insurer; notice of material change required
Terms Used In Louisiana Revised Statutes 22:382
- Commissioner: means the commissioner of insurance of the state of Louisiana. See Louisiana Revised Statutes 22:381
- Person: means any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation which provides property residual value insurance in this state. See Louisiana Revised Statutes 22:381
- Property: means all classes of movable or immovable property recognized under the laws of this state. See Louisiana Revised Statutes 22:381
- Residual value: shall mean the value of property at a specific future time, which value is determined by agreement at the time the contract of lease or sale is entered into. See Louisiana Revised Statutes 22:381
A. No person shall act as or attempt to act as a property residual value insurer unless licensed to do so by the commissioner. Each application shall be submitted to the commissioner along with the fee for such license in the amount of one thousand five hundred dollars. Licenses shall be renewed annually upon payment of a fee of one thousand five hundred dollars, which shall be paid no later than March fifteenth of each year.
B. A licensee shall notify the commissioner within sixty days of any material change in its ownership, control, or other fact or circumstance affecting its qualification for a license in this state. Material changes shall include but are not limited to the following:
(1) Changes in officers or directors.
(2) Changes in ownership.
(3) A change in the article of incorporation.
(4) A merger.
(5) An addition or change of a trade name or “d/b/a”.
(6) Cessation of business in Louisiana.
Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from La. Rev. Stat. 22:1901 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2014, No. 82, §1.