§ 22:1808.11 — Disclosure agreement and compensation

Louisiana § 22:1808.11

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1808.11. Disclosure agreement and compensation
A. Prior to providing consulting services, a person licensed as a consultant pursuant
to this Part shall disclose all of the following in a written contract signed by the party
receiving the consulting services:
(1) The services to be provided by the consultant to the insured and prospective
insureds.
(2) The beginning and ending date of the agreement.
(3) Any insurance to which the contract for consulting services applies.
(4) The arrangements for compensation of the consultant, whether by a flat rate,
hourly rate, or other valuable consideration.
(5) Whether the consultant is dually licensed as an insurance producer.
(6) Whether the consultant has any financial or business interest in or affiliation with
any insurance producer, broker, or insurance company involved within the scope of the
consulting work.
B. A copy of every consulting contract shall be retained by the consultant for not less
than five years after the expiration of the consulting contract.
C. No licensed insurance consultant may receive any fee for consulting services,
unless such compensation is based upon a prior written contract as required by this Section.
D. If a licensed insurance consultant has received the compensation outlined in the
written consulting contract, it shall be conclusively presumed that the licensee was acting as
a consultant with respect to any transactions related to the contract.
E. A consulting contract shall be made available to the Louisiana Department of
Insurance within ten days of a written request.

Legislative History

Acts 2016, No. 312, §1.