Louisiana Revised Statutes 22:1661 – Definitions
Terms Used In Louisiana Revised Statutes 22:1661
- Adjuster: means an individual who investigates or adjusts losses on behalf of an insurer as an independent contractor or as an employee of:
(a) An adjustment bureau;
(b) An association;
(c) A property and casualty producer;
(d) An independent contractor;
(e) An insurer; or
(f) A managing general agent. See Louisiana Revised Statutes 22:1661
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. See Louisiana Revised Statutes 22:1661
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Individual: means a natural person. See Louisiana Revised Statutes 22:1661
- Insurer: means any type of insurer, whether authorized or unauthorized, conducting business in this state. See Louisiana Revised Statutes 22:1661
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual or a business entity. See Louisiana Revised Statutes 22:1661
- Uniform business entity application: means the current version of the National Association of Insurance Commissioners (NAIC) Uniform Business Entity Application for resident and nonresident business entities. See Louisiana Revised Statutes 22:1661
As used in this Part, unless the context requires otherwise, the following definitions shall be applicable:
(1) “Adjuster” means an individual who investigates or adjusts losses on behalf of an insurer as an independent contractor or as an employee of:
(a) An adjustment bureau;
(b) An association;
(c) A property and casualty producer;
(d) An independent contractor;
(e) An insurer; or
(f) A managing general agent.
(2) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity.
(3) “Fingerprints” means an impression of the lines on the finger taken for purpose of identification. The impression may be electronic or in ink converted to electronic format.
(4) “Home state” means the District of Columbia and any state or territory of the United States in which the adjuster‘s principal place of residence or principal place of business is located. If neither the state in which the adjuster maintains the principal place of residence nor the state in which the adjuster maintains the principal place of business has a substantially similar law governing adjusters, the adjuster may declare another state in which he becomes licensed and acts as an adjuster to be the “home state”.
(5) “Individual” means a natural person.
(6) “Insurer” means any type of insurer, whether authorized or unauthorized, conducting business in this state.
(7) “Person” means an individual or a business entity.
(8) “Uniform individual application” means the current version of the National Association of Insurance Commissioners (NAIC) Uniform Individual Application for resident and nonresident individuals.
(9) “Uniform business entity application” means the current version of the National Association of Insurance Commissioners (NAIC) Uniform Business Entity Application for resident and nonresident business entities.
Acts 2006, No. 783, §1, eff. Jan. 1, 2007; Redesignated from La. Rev. Stat. 22:1210.71 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2015, No. 193, §1.
NOTE: Former La. Rev. Stat. 22:1661 redesignated as La. Rev. Stat. 22:839 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.