2006 Louisiana Laws - RS 22:1137 — License

§1137.  License

A.  Unless denied licensure pursuant to R.S. 22:1142, persons who have met the requirements of this Part shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:

(1)  Life, which provides insurance coverage on human lives, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.

(2)  Health and accident, which provides insurance coverage for sickness, bodily injury, or accidental death, and may include benefits for disability income.

(3)  Annuities, which includes variable life and variable annuity products.

(4)  Property, which provides insurance coverage for the direct or consequential loss or damage to property of every kind.  A license for property insurance shall be for either personal lines, defined as property insurance coverage sold to individuals and families for primarily noncommercial purposes, or commercial lines, defined as anything other than personal lines, or both.

(5)  Casualty, which provides insurance coverage against legal liability, including that for death, injury or disability, or damage to real or personal property.  A license for casualty insurance shall be for either personal lines, defined as casualty insurance coverage sold to individuals and families for primarily noncommercial purposes, or commercial lines, defined as anything other than personal lines, or both.

(6)  Title.

(7)  Credit life.

(8)  Credit health and accident.

(9)  Credit property and casualty.

(10)  Repealed by Acts 2006, No. 335, §1, eff. June 13, 2006.

(11)  Travel.

(12)  Baggage.

(13)  Industrial life, which provides insurance coverage pursuant to R.S. 22:252.  A license for industrial life may allow the producer to sell life insurance in an amount not to exceed fifteen thousand dollars when appointed by an insurer which meets the minimum financial requirements of, and is licensed pursuant to, R.S. 22:71.1(A)(1) or 121.1(A)(1), and when such policies are issued by said insurer.

(14)  Industrial health and accident.

(15)  Industrial fire.

(16)  Fidelity and surety.

(17)  Vehicle physical damage.

(18)  Health maintenance organization subscriber agreements.

(19)  Bail bonds.

(20)  Home service life.

(21)  Surplus lines, subject to the requirements of Subsection I of this Section.

(22)  Any other line of insurance permitted under state laws or regulations.

B.  Subject to the requirements of Subsection C of this Section, an insurance producer license shall remain in effect, unless revoked, suspended, or denied renewal or reinstatement, as long as all applicable fees are paid and education requirements are satisfied, until the license expires or is surrendered by the holder thereof.

C.(1)  Every licensed producer shall file an application for renewal of his license every two years, by notifying the commissioner of insurance, by methods prescribed by the commissioner, of the licensee's intention to continue his license as either producer, limited lines producer, or surplus lines producer.

(2)  Any licensee who fails to file timely for license renewal shall be charged a late fee of twenty-five dollars, or other such amount as may be authorized by R.S. 22:1078, for each license not renewed timely.

(3)  Prior to the filing date for application for renewal of a license, the licensee shall comply with continuing education requirements in R.S. 22:1193 for the lines of insurance being renewed.  Such producer shall file with the commissioner of insurance, by a method prescribed by the commissioner, satisfactory certification of completion of the continuing education requirements.  Any failure to fulfill the continuing education requirements shall result in the expiration of the license.  Nothing in this Subsection shall authorize the administration or management, under contract or otherwise, of the continuing education program except by the employees of the department.

D.  An insurance producer who allows his or her license to lapse may, within five years from the expiration date of the license, reinstate the same license upon proof of fulfilling all continuing education requirements through the date of reinstatement and upon payment of all fees due.  If the license has been lapsed for more than five years, the applicant shall fulfill the requirements for issuance of a new license.

E.  A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance, such as  a long-term medical disability, may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.

F.  The license shall state the name and mailing address of the licensee, date of issuance, the renewal or expiration date, the line or lines of insurance covered by the license, and such other information as the commissioner of insurance deems necessary.

G.  Every licensee shall notify the commissioner, by any means acceptable to the commissioner, of any alteration in his residential, mailing, or business address within ten days of the alteration. Failure to file an address change within the required time shall result in the imposition of a fifty-dollar penalty per violation, or as may be authorized by R.S. 22:1078.  Any person against whom a penalty has been levied shall be given due notice of such action.  Upon receipt of this notice, the licensee may apply for and shall be entitled to a hearing.

H.  A duplicate license may be issued for any lost, stolen, or destroyed license issued pursuant to this Part upon a request by the licensee, by a method prescribed by the commissioner, setting forth the facts of such loss, theft, or destruction, together with a fee of five dollars, or such amount as may be authorized by R.S. 22:1078.

I.  Any licensed insurance producer maintaining an office at a designated location in this state and having at least two years experience in the insurance business with an insurer or as an insurance producer may be licensed as a surplus lines broker as follows:

(1)  The applicant must submit an application to the commissioner of insurance for the license on forms approved by the commissioner.

(2)  The applicant must submit the required license fee, as authorized by R.S. 22:1078, for each license year during any part of which the license is in effect.  The license shall remain in force until the annual renewal date.

(3)  Passage of an examination approved by the commissioner of insurance.

J.  In order to assist in the performance of the commissioner's duties, the commissioner may contract with nongovernmental entities, including the National Association of Insurance Commissioners (NAIC) or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the nongovernmental entity may deem appropriate.

K.  The commissioner may participate, in whole or in part, with the National Association of Insurance Commissioners (NAIC), or any affiliates or subsidiaries the NAIC oversees, in a centralized producer license registry where insurance producer licenses and appointments may be centrally or simultaneously effected for all states that require an insurance producer license and participate in such centralized producer license registry.  If the commissioner finds that participation in such a centralized registry is in the public interest, the commissioner may adopt by rule any uniform standards and procedures as are necessary to participate in the registry.  Any participation in a centralized registry shall be under the administration and control of employees of the department and may not be the subject of any contract for services with any person or entity outside of the department.

Acts 2001, No. 158, §1, eff. Jan. 1, 2002; Acts 2006, No. 335, §1, eff. June 13, 2006; Acts 2006, No. 605, §1, eff. June 23, 2006.