2006 Louisiana Laws - RS 22:1210.22 — Licensure

§1210.22.  Licensure

A.  No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation:

(1)  In this state, unless the reinsurance intermediary-broker is a licensed producer in this state.  

(2)  In another state, unless the reinsurance intermediary-broker is a licensed producer in this state or another state having a law substantially similar to this Part, or the reinsurance intermediary-broker is licensed in this state as a nonresident reinsurance intermediary.  

B.  No person, firm, association, or corporation shall act as a reinsurance intermediary-manager:

(1)  For a reinsurer domiciled in this state, unless the reinsurance intermediary-manager is a licensed producer in this state.  

(2)  In this state, if the reinsurance intermediary-manager maintains an office either directly or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation in this state, unless such reinsurance intermediary-manager is a licensed producer in this state.  

(3)  In another state for a nondomestic insurer, unless such reinsurance intermediary-manager is a licensed producer in this state or another state having a law substantially similar to this Part, or such person is licensed in this state as a nonresident reinsurance intermediary.  

C.  The commissioner may require a reinsurance intermediary-manager subject to Subsection B of this Section to:

(1)  File a bond, from an insurer acceptable to the commissioner, in such amount as the commissioner may determine, for the protection of the reinsurer.  

(2)  Maintain an errors and omissions policy in such amount as the commissioner may determine.  

D.(1)  The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation who has complied with the requirements of this Part.  Any such license issued to a firm or association will authorize all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the license, and all such persons shall be named in the application and any supplements thereto.  Any license issued to a corporation shall authorize all of the officers, and any designated employees and directors thereof to act as reinsurance intermediaries on behalf of such corporation, and all such persons shall be named in the application and any supplements thereto.  

(2)  If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this Part for designation of service of process upon unauthorized insurers, and shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting such nonresident reinsurance intermediary may be served.  The licensee shall promptly notify the commissioner, in writing, of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the commissioner.  

E.  The commissioner may refuse to issue a reinsurance intermediary license if, in his judgment, the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy, or that any controlling person of such applicant is not trustworthy, to act as a reinsurance intermediary, or that any of the foregoing has given cause for revocation or suspension of such license, or has failed to comply with any prerequisite for the issuance of such license.  Upon written request, the commissioner may furnish a summary of the basis for refusal to issue a license, which document shall be privileged and not subject to examination or reproduction as a public record in accordance with R.S. 44:31.  

F.  Licensed attorneys at law of this state, when acting in their professional capacity as such, shall be exempt from this Section.  

Acts 1992, No. 811, §1.