Louisiana § 22:2313 Producers; authority to bind coverage

Louisiana Statutes

§ 22:2313 — Producers; authority to bind coverage

Louisiana·Title 22 Insurance

§2313. Producers; authority to bind coverage A.

(1)Every producer resident in this state, or a nonresident as provided in Paragraph

(2)of this Subsection, and licensed to sell property and casualty insurance may sell insurance policies that are issued by the Louisiana Citizens Property Insurance Corporation through its FAIR and Coastal Plans.

(2)A nonresident producer may sell policies issued by Louisiana Citizens Property Insurance Corporation when the state of residence allows Louisiana resident producers to sell policies issued by that state's residual market mechanism. "Residual market mechanism" means a FAIR Plan, wind pool, beach plan, or any other plan or entity that offers coverages similar to those offered through the corporation. B. The governing board shall formulate criteria

Free access — add to your briefcase to read the full text and ask questions with AI

§2313. Producers; authority to bind coverage
A.(1) Every producer resident in this state, or a nonresident as provided in Paragraph
(2) of this Subsection, and licensed to sell property and casualty insurance may sell insurance
policies that are issued by the Louisiana Citizens Property Insurance Corporation through its
FAIR and Coastal Plans.
(2) A nonresident producer may sell policies issued by Louisiana Citizens Property
Insurance Corporation when the state of residence allows Louisiana resident producers to sell
policies issued by that state's residual market mechanism. "Residual market mechanism"
means a FAIR Plan, wind pool, beach plan, or any other plan or entity that offers coverages
similar to those offered through the corporation.
B. The governing board shall formulate criteria and an application process to certify
qualified licensed property and casualty insurance producers to bind insurance coverage for
the FAIR and Coastal Plans. In order to be qualified for binding authority, the producer shall
have adequate errors and omission insurance and complete a training course offered by the
Louisiana Citizens Property Insurance Corporation. Pursuant to the Administrative
Procedure Act, R.S. 49:950 et seq., the governing board shall promulgate rules which set
forth standards by which a producer is deemed qualified for binding authority.
C. The governing board may withdraw binding authority granted to any producer
certified pursuant to Subsection B of this Section if that producer fails to follow written
guidelines for underwriting as required by the corporation.

Louisiana § 22:2313 (Producers; authority to bind coverage) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Acts 2006, No. 787, §1; Redesignated from R.S. 22:1430.22 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2012, No. 271, §1; Acts 2016, No. 367, §1, eff. June 5, 2016; Acts 2017, No. 182, §1.