§ 40:1421 — Definitions

Louisiana § 40:1421

• Jurisdiction: Louisiana
• Title 40: Public Health and Safety

Text

§1421. Definitions
As used in this Chapter, the following words shall have the following meanings:
(1) "Commissioner" means commissioner of insurance.
(2) "Fraud unit" or "unit" means the insurance fraud investigation unit within the
Department of Public Safety and Corrections, office of state police.
(3) "Fraud support unit" means the insurance fraud support unit within the
Department of Justice.
(4) "Insurance fraud" means any commission or attempted commission of criminal
acts or practices as provided in R.S. 22:1923, 1924, or 1925 which involves any type of
insurance as provided in R.S. 22:47.
(5) "Insurance fraud section" means the insurance fraud section within the Louisiana
Department of Insurance.
(6) "Insurance policy" means a contract or other written instrument between an
insured and insurer setting forth the obligations and responsibilities of each party.
(7) "Insurance premium finance company" means a person engaged or purporting to
engage in the business of advancing money, directly or indirectly, to an insurer or producer
at the request of an insured pursuant to the terms of a premium finance agreement, including
but not limited to loan contracts, notes, agreements, or obligations, wherein the insured has
assigned the unearned premiums, accrued dividends, or loss payments as security for such
advancement in payment of premiums on insurance policies only, and does not include the
financing of insurance premiums purchased in connection with the financing of goods and
services.
(8) "Insurance professional" means an adjuster, agent, managing general agent,
surplus lines broker, reinsurance intermediary, insurance consultant, broker, or attorney-in-fact.
(9) "Insurance transaction", "insurance business", and "business of insurance"
include solicitation, negotiations preliminary to execution of an insurance contract, execution
of an insurance contract and the transaction of matters subsequent to execution of a contract
and arising out of it, and matters arising out of any relationship among or between an insured,
an insurer, and a third party for which an insurance policy provides coverage.
(10) "Insured" means any person covered by an insurance policy.
(11) "Insurer" means any person or company subject to regulation pursuant to Title
22 of the Louisiana Revised Statutes of 1950.
(12) Repealed by Acts 2024, No. 339, §5.

Legislative History

Acts 1999, No. 1312, §4, eff. Jan. 1, 2000; Acts 2008, No. 415, §2, eff. Jan. 1, 2009; Acts 2010, No. 1013, §2, eff. July 1, 2010; Acts 2024, No. 339, §5.