Louisiana Revised Statutes 22:1808.11 – Disclosure agreement and compensation
Terms Used In Louisiana Revised Statutes 22:1808.11
- Contract: A legal written agreement that becomes binding when signed.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. Prior to providing consulting services, a person licensed as a consultant pursuant to this Part shall disclose all of the following in a written contract signed by the party receiving the consulting services:
(1) The services to be provided by the consultant to the insured and prospective insureds.
(2) The beginning and ending date of the agreement.
(3) Any insurance to which the contract for consulting services applies.
(4) The arrangements for compensation of the consultant, whether by a flat rate, hourly rate, or other valuable consideration.
(5) Whether the consultant is dually licensed as an insurance producer.
(6) Whether the consultant has any financial or business interest in or affiliation with any insurance producer, broker, or insurance company involved within the scope of the consulting work.
B. A copy of every consulting contract shall be retained by the consultant for not less than five years after the expiration of the consulting contract.
C. No licensed insurance consultant may receive any fee for consulting services, unless such compensation is based upon a prior written contract as required by this Section.
D. If a licensed insurance consultant has received the compensation outlined in the written consulting contract, it shall be conclusively presumed that the licensee was acting as a consultant with respect to any transactions related to the contract.
E. A consulting contract shall be made available to the Louisiana Department of Insurance within ten days of a written request.
Acts 2016, No. 312, §1.