§ 22:1623 — Licensure; registration

Louisiana § 22:1623

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1623. Licensure; registration
A. A person shall not act in the capacity of an MGA with respect to risks located in
this state for an insurer licensed in this state unless such person is a licensed producer in this
state.
B. A person shall not act in the capacity of an MGA representing an insurer
domiciled in this state with respect to risks located outside of this state unless such person
is licensed as a resident or nonresident producer in this state pursuant to the provisions of this
Part.
C. The commissioner may require a bond in an amount of ten percent of the MGA
annual writings or two hundred fifty thousand dollars, whichever is less, for the protection
of the insurer.
D. A person shall not act in the capacity of an MGA in this state unless such person
has registered his name, current residential address, current mailing address, and current
business address with the commissioner, on forms prescribed by the commissioner, together
with a fee in the amount set forth in R.S. 22:821.
E.(1) A person shall not act in the capacity of an MGA in this state if the person
served as an officer, director, or person with direct or indirect control over the selection or
appointment of an officer or director through contract, trust, or by operation of law of an
insurer doing business in this state and served in that capacity within the two-year period
before the date that the insurer became insolvent, unless the person demonstrates that his
personal actions and omissions were not a significant contributing cause to the insolvency,
as determined by the commissioner.
(2) Notwithstanding Paragraph (1) of this Subsection, the commissioner may
approve a former officer, director, or person with direct or indirect control over the selection
or appointment of an officer or director of an insurer who became insolvent, if at least five
years have passed since the date that the insurer became insolvent.
F. Each year prior to May first, every MGA shall notify the commissioner of his
desire to continue his registration as an MGA on forms prescribed by the commissioner
together with a fee in the amount set forth in R.S. 22:821.
G. If a person fails to provide any of the information required pursuant to this
Section, the commissioner may, after notification by the commissioner to the person by
certified mail of such failure, impose a fine not to exceed fifty dollars.
H. The commissioner may require the MGA to maintain an errors and omissions
insurance policy.

Legislative History

Acts 1990, No. 265, §1, eff. midnight Dec. 31, 1991; Acts 1991, No. 736, §1; Acts 1993, No. 189, §1; Acts 1996, 1st Ex. Sess., No. 71, §1, eff. May 10, 1996; Redesignated from R.S. 22:1203 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2024, No. 488, §1.