2006 Louisiana Laws - RS 22:1430.11 — Eligibility; application

§1430.11.  Eligibility; application

A.  Any person having an insurable interest in insurable property is entitled to apply to the corporation, directly or through a representative, for such coverage through the Coastal Plan or the FAIR Plan, and for an inspection of the property.  Every such application shall be submitted on forms prescribed by the governing board of the corporation and on file with the office of property and casualty of the Department of Insurance.

B.  The term "insurable interest" as used in this Section shall be deemed to include any lawful and substantial economic interest in the safety and preservation of property from loss, destruction, or pecuniary damage.

C.  If the corporation determines that the property is insurable, the corporation, upon receipt of the premium or such portion thereof as is prescribed for either the Coastal Plan or the FAIR Plan, shall cause to be issued the appropriate policy of essential property insurance for a term not exceeding one year.  Any policy issued pursuant to the provisions of this Section shall be renewed annually, upon payment of premium due, so long as the property meets the definition of "insurable property".

D.  If the corporation for any reason denies an application and refuses to cause to be issued an insurance policy on insurable property to any applicant, or takes no action on an application within the time prescribed in the plan of operation, such applicant may appeal to the Louisiana Insurance Rating Commission and the said commission or a member of the commission's staff designated by it, after reviewing the facts, may direct the corporation to issue, or cause to be issued, an appropriate insurance policy to the applicant.  In carrying out its duties pursuant to this Section, the Louisiana Insurance Rating Commission may request and the corporation shall provide any information which the Louisiana Insurance Rating Commission deems necessary to a determination concerning the reason for the denial or delay of the application.

Acts 2003, No. 1133, §1.