§ 22:1570.1 — Requirement for professional liability coverage

Louisiana § 22:1570.1

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1570.1. Requirement for professional liability coverage
A.(1) Every insurance producer who is actively writing insurance policies in this
state and is subject to the provisions of R.S. 22:1570 shall maintain professional liability
insurance or an errors and omissions policy which includes coverage for acts or omissions
as a non-captive insurance producer and which policy is for the purpose of providing
coverage for the benefit of the insured customers of the producer.
(2) An insurance producer who is duly empowered and authorized to act through or
on behalf of another licensed insurance producer in the sale, solicitation, or negotiation of
insurance may satisfy the requirements of this Subsection with professional liability coverage
provided by the authorizing insurance producer.
B.(1) Every insurance producer who is actively writing insurance policies in this
state and is required to be licensed pursuant to R.S. 22:1543 and who sells insurance
products for which the premiums are financed, in whole or in part, by an insurance premium
finance company as provided for in R.S. 9:3550 shall maintain professional liability
insurance or an errors and omissions policy which includes coverage for acts or omissions
as an insurance producer and which policy is for the purpose of providing coverage for the
benefit of the insured customers of the producer.
(2) An insurance producer who is duly empowered and authorized to act through or
on behalf of another licensed insurance producer in the sale, solicitation, or negotiation of
insurance may satisfy the requirements of this Subsection with professional liability coverage
provided by the authorizing insurance producer.
C. Should any insurance producer who is subject to the provisions of this Section fail
to maintain professional liability insurance or an errors and omissions policy as provided in
this Section, such failure shall constitute an unfair trade practice as provided for in R.S.
22:1963 and shall subject the insurance producer to the provisions of R.S. 22:1554(A)(6).
D. The provisions of this Section shall not apply to a producer licensed pursuant to
R.S. 22:1547(A)(13).

Legislative History

Acts 2017, No. 380, §1.