Louisiana Revised Statutes 22:1342 – A. Notwithstanding any provision of law to the contrary, this Subpart shall govern the regulation of any insurance policy, contract, or endorsement providing residential flood covera
Terms Used In Louisiana Revised Statutes 22:1342
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Personal property: All property that is not real property.
- Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:
(a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266
A. Notwithstanding any provision of law to the contrary, this Subpart shall govern the regulation of any insurance policy, contract, or endorsement providing residential flood coverage on any structure or the contents of personal property contained therein.
B. This Subpart does not apply to either of the following:
(1) Commercial lines insurance.
(2) Surplus lines insurance.
C. Louisiana Citizens Property Insurance Corporation shall not provide residential flood coverage.
Acts 2021, No. 77, §1, eff. Jan. 1, 2022.