Louisiana Revised Statutes 22:384 – Qualifications
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Terms Used In Louisiana Revised Statutes 22:384
- Commissioner: means the commissioner of insurance of the state of Louisiana. 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
The commissioner shall not license a property residual value insurer unless all of the following conditions are met:
(1) Applicant shall be solvent.
(2) Applicant shall furnish such proof as necessary to the commissioner that the directors and management of the company are competent and trustworthy and are capable of successfully managing its affairs in compliance with law.
(3) Applicant shall make the deposit or file such surety as required by La. Rev. Stat. 22:385.
(4) Applicant shall be in compliance with and continue to be in compliance with all applicable laws.
Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from La. Rev. Stat. 22:1903 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.