Louisiana Revised Statutes 22:362 – License required of vehicle mechanical breakdown insurer
Terms Used In Louisiana Revised Statutes 22:362
- Commissioner: means the commissioner of insurance of the state of Louisiana. See Louisiana Revised Statutes 22:361
- Credit disability insurance: means insurance on a debtor to provide indemnity for payment becoming due on a specified loan or other credit transaction while the debtor is disabled as defined in the insurance policy or certificate issued to the debtor. See Louisiana Revised Statutes 22:361
- Person: means any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation which provides vehicle mechanical breakdown insurance in this state. See Louisiana Revised Statutes 22:361
- Reinsurer: means a person licensed under this Subpart engaged in the reinsuring of vehicle mechanical reimbursement insurance, residual value insurance, or credit disability insurance policies, or any combination of kinds of insurance. See Louisiana Revised Statutes 22:361
- Vehicle: means any vehicle that is required to be titled pursuant to the Vehicle Certificate of Title Law (Louisiana Revised Statutes 22:361
- Vehicle mechanical breakdown insurer: means any person or organization, whether domestic, foreign, or alien, issuing or attempting to issue vehicle mechanical breakdown policies or vehicle component coverage contracts as defined herein. See Louisiana Revised Statutes 22:361
A. No person shall act as or attempt to act as a vehicle mechanical breakdown insurer unless licensed to do so by the commissioner. Each application shall be submitted to the commissioner along with the fee for said 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, due on January first of each year and which shall be paid no later than March fifteenth of the year in which due.
B. Each vehicle mechanical breakdown insurer may also act as a reinsurer in accordance with regulations adopted by the commissioner. All reserves for credit disability insurance shall be retained and held by the credit disability insurer. Except as otherwise provided in this Subsection, a vehicle mechanical breakdown insurer shall be allowed credit for reinsurance ceded to an assuming insurer that satisfies the requirements of this Subsection, La. Rev. Stat. 22:651 or 652, and the regulations thereunder.
C. Every 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 1978, No. 520, §1, eff. July 12, 1978. Acts 1986, No. 848, §1; Redesignated from La. Rev. Stat. 22:1801 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2014, No. 80, §1; Acts 2018, No. 592, §1, eff. Feb. 1, 2019.