Louisiana Revised Statutes 22:1675 – Payments to adjusters limited; reciprocal fee; disposition of funds
Terms Used In Louisiana Revised Statutes 22:1675
- Adjuster: means an individual who investigates or adjusts losses on behalf of an insurer as an independent contractor or as an employee of:
(a) An adjustment bureau;
(b) An association;
(c) A property and casualty producer;
(d) An independent contractor;
(e) An insurer; or
(f) A managing general agent. See Louisiana Revised Statutes 22:1661
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: means any type of insurer, whether authorized or unauthorized, conducting business in this state. See Louisiana Revised Statutes 22:1661
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual or a business entity. See Louisiana Revised Statutes 22:1661
A. No insurer shall pay to any insurance adjuster or adjusters or to any person engaged in the adjustment of losses any fee or compensation in excess of a regular fixed salary or stipend, nor shall such insurer contract to pay to any insurance adjuster or any person engaged in the business of adjusting losses, any portion of the amount saved to said insurer through the efforts of said adjuster or person engaged in adjusting losses, in addition to or in lieu of any such salary or stipend.
B.(1) An adjuster licensed by another jurisdiction other than this state, which jurisdiction imposes a tax, fee, license, bond, or deposit greater than that imposed by this state, shall pay a license fee equal to that of his state or country of licensure to the commissioner of insurance in order to perform his duties and responsibilities of adjusting a loss which occurred in this state.
(2) All funds collected by the commissioner of insurance shall be paid into the state treasury in the same manner as other funds collected by him.
(3) This Subsection shall not apply to adjusters permanently employed by any insurance company authorized to do business in this state.
Acts 1983, No. 474, §1; Redesignated from La. Rev. Stat. 22:1453 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.