Louisiana Revised Statutes 3:4351.6 – A. Any person soliciting membership for the fund shall be licensed by the department as a property and casualty producer pursuant to R.S. 22:1541 et seq. No employee of a bona fide t
Terms Used In Louisiana Revised Statutes 3:4351.6
- Bona fide trade or professional association: means an active trade or professional association that is chartered and domiciled in Louisiana, or a successor organization thereof, that meets all of the following requirements:
(a) Promotes Louisiana timber or agriculture production. See Louisiana Revised Statutes 3:4351.1
- Department: means the Department of Insurance. See Louisiana Revised Statutes 3:4351.1
- Fund: means the self-insurance fund established pursuant to this Part to provide automobile coverage for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles and shall be known as the Louisiana Agriculture Transportation Group Self-Insured Fund. See Louisiana Revised Statutes 3:4351.1
- 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 distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 3:4351.1
- Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
A. Any person soliciting membership for the fund shall be licensed by the department as a property and casualty producer pursuant to La. Rev. Stat. 22:1541 et seq. No employee of a bona fide trade or professional association which has established the fund or employee of the fund shall be required to be licensed 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 authorized by this Part for any claims arising out of the insolvency of the fund or the inability of the fund to pay claims as the claims become due unless and until any claimant shall have first exhausted all remedies available to him against the members of the fund as provided by this Part.
Acts 2022, No. 586, §1, eff. June 17, 2022; Acts 2022, No. 598, §1, eff. June 18, 2022; Acts 2023, No. 191, §2, eff. June 8, 2023.