Louisiana Revised Statutes 22:691.16 – Revocation, suspension, or nonrenewal of insurer’s authority
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Terms Used In Louisiana Revised Statutes 22:691.16
- Commissioner: means the commissioner of insurance, the commissioner's deputies, or the Department of Insurance, as appropriate. See Louisiana Revised Statutes 22:691.2
- Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing immovable or corporeal movable property. See Louisiana Revised Statutes 22:691.2
If at the discretion of the commissioner, it appears that any person has committed a violation of this Subpart which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, suspend, revoke, or refuse to renew the insurer’s license or authority to do business in this state for such period as the commissioner finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
Acts 2012, No. 294, §1.