Louisiana Insurance Commissioner Reminds Insurance Producers of Mandatory Reporting Requirements
Jul 7, 2016
In Advisory Letter 2016-02 issued today, July 7, 2016, Louisiana Insurance Commissioner Jim Donelon advised all producer agencies on the mandatory reporting requirements of La. R.S. 22:1546 (B), explaining that some may be unaware of and are failing to comply.
To view the complete Letter, click here.
The law requires producer agencies to register, under its agency license, every member, partner, officer, and director as well as all other individuals personally engaged in the solicitation and negotiation of policies of insurance in the state of Louisiana.
Due to the recent enactment of Act 315 during the 2016 Regular Session of the Louisiana Legislature, every person who controls directly or indirectly 10 percent or more of the producer agency must be registered under its license.
Producer agencies are required to notify the Louisiana Department of Insurance (“LDI”) within 30 days of the change of status of any registrant. A fine of $100 is mandated for each violation of these requirements.
The LDI has instituted a mechanism through its Industry Access Portal to assist in the timely reporting of this information and compliance with La. R.S. 22:1546 (B). To access that information, click here.
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