Louisiana Revised Statutes 12:1859 – Licensing of agents; claims against insurance agents
Terms Used In Louisiana Revised Statutes 12:1859
- Department: means the Department of Insurance. See Louisiana Revised Statutes 12:1854
- Fund: means the self-insurance fund established pursuant to this Chapter to provide property insurance for churches and nonprofit religious organizations and shall be known as the Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund. See Louisiana Revised Statutes 12:1854
- Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member's distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 12:1854
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Religious denomination: means a group of individual churches or houses of worship who are called or identified using the same terms and a particular set of beliefs or spiritual or religious values. See Louisiana Revised Statutes 12:1854
A. Any person soliciting membership for the fund shall be licensed by the department as a property and casualty insurance producer pursuant to La. Rev. Stat. 22:1541 et seq. No employee of the fund, religious denomination, or association of nonprofit religious organizations shall be required to be licensed as an agent if the solicitation of membership for the fund is not the primary duty of the employee.
B. No action shall lie against an insurance producer or other person involved in the marketing, selling, or solicitation of participation in the fund for claims arising out of the insolvency of the fund or the inability of the fund to pay claims as they become due unless the claimant first exhausts all remedies available to him against the members of the fund as provided by this Chapter.
Acts 2023, No. 259, §§1, 3A, eff. June 12, 2023.