Louisiana Revised Statutes 22:1723 – Licensure
Terms Used In Louisiana Revised Statutes 22:1723
- Business entity: shall mean a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Louisiana Revised Statutes 22:1722
- Controlling person: shall mean any person who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary. See Louisiana Revised Statutes 22:1722
- Insurer: shall mean any authorized insurer as defined in La. See Louisiana Revised Statutes 22:1722
- Licensed producer: shall mean a person licensed as an insurance producer pursuant to the provisions of Subpart A of Part I of this Chapter, La. See Louisiana Revised Statutes 22:1722
- Person: shall mean an individual or business entity. See Louisiana Revised Statutes 22:1722
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Reinsurance intermediary: shall mean a reinsurance intermediary-broker or a reinsurance intermediary-manager. See Louisiana Revised Statutes 22:1722
- Reinsurance intermediary-broker: shall mean any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See Louisiana Revised Statutes 22:1722
- Reinsurance intermediary-manager: shall mean any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer, whether known as a reinsurance intermediary-manager, manager, or other similar term. See Louisiana Revised Statutes 22:1722
- Reinsurer: shall mean any person duly licensed in this state, pursuant to the applicable provisions of this Code, as an insurer with the authority to assume reinsurance. See Louisiana Revised Statutes 22:1722
- Service of process: The service of writs or summonses to the appropriate party.
A. No person shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member, officer, director, or employee of a business entity:
(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 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, officer, director, or employee of a business entity 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 who has complied with the requirements of this Part. Any such license issued to a business entity will authorize all the members, officers, and designated employers and directors of the business entity to act as reinsurance intermediaries under the license, 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, to whom notices or orders or process affecting such nonresident reinsurance intermediary may be served.
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 La. Rev. Stat. 44:31.
F. Licensed attorneys at law of this state, when acting in their professional capacity as such, shall be exempt from this Part.
Acts 1992, No. 811, §1; Redesignated from La. Rev. Stat. 22:1210.22 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012.