Louisiana Revised Statutes 23:1409 – Denial, cancellation, and termination
Terms Used In Louisiana Revised Statutes 23:1409
- Board: means the board of directors of the corporation. See Louisiana Revised Statutes 23:1392
- Corporation: means the Louisiana Workers' Compensation Corporation. See Louisiana Revised Statutes 23:1392
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The nonpayment of premium for current or prior policies issued by the corporation may be a basis for the corporation to deny coverage. The failure or refusal by any applicant or insured to fully and accurately disclose to the corporation information concerning the applicant’s ownership, change of ownership, operations, or payroll, including allocation of payroll among state and federal compensation programs, classification of payroll, and any other information determined by the board to be important in determining proper rates shall be sufficient ground for the corporation to deny an application or to nonrenew or terminate an existing policy. No policy shall be terminated or nonrenewed under this Section without sixty days prior notice, except for nonpayment of premium.
Acts 1991, No. 814, §1, eff. Nov. 20, 1991.