2006 Louisiana Laws - RS 22:1430.22 — Agents; authority to bind coverage

§1430.22.  Agents; authority to bind coverage

A.  Every agent licensed to sell property and casualty insurance may sell insurance policies which are issued by the Louisiana Citizens Property Insurance Corporation through its FAIR and Coastal plans.

B.  The governing board shall formulate criteria and an application process to certify qualified licensed property and casualty insurance agents to bind insurance coverage for the FAIR and Coastal Plans.  In order to be qualified for binding authority, the agent shall have adequate errors and omission insurance and complete a training course offered by the Louisiana Citizens Property Insurance Corporation.  Pursuant to the Administrative Procedure Act, the governing board shall promulgate rules which set forth standards by which an agent is deemed qualified for binding authority.

C.  The governing board may withdraw binding authority granted to any agent certified pursuant to Subsection B of this Section if that agent fails to follow written guidelines for underwriting as required by the corporation.

Acts 2006, No. 787, §1.