Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part III - Banking › Chapter 3 - Powers › Subchapter F - Sale of Insurance › Section III-351 - Bank Insurance Activities

Current through Register Vol. 50, No. 6, June 20, 2024
A. As
				  used in this regulation:
Affiliate
- a corporation which owns or
					 controls a bank, and any other corporation which is owned or controlled by the
					 corporation which owns or controls the bank, including but not limited to
					 entities defined as affiliates under the provisions of  12 U.S.C.A. §
												221a.(b), and  12 U.S.C.A. §
												371c.(b), as those provisions from time
					 to time may be amended or revised.
Bank
- any state bank and, to the extent
					 applicable, any national bank. When the context so requires, the term
bank
shall mean an ECB as defined herein.
Commissioner
- the Commissioner of the
					 Louisiana Office of Financial Institutions.
Department
- the Louisiana Department of
					 Insurance.
Eligible Community
- any community the
					 population of which, as determined by the last decennial census, does not
					 exceed 5,000.
Eligible Community Bank
(ECB)
- any state bank with an office located in an eligible
					 community. As used herein, unless the context indicates otherwise, the term
					 shall include any bank subsidiary, affiliate, or any officer, director or
					 employee of the bank, bank subsidiary, or affiliate.
Insurance
- a contract whereby one
					 undertakes to indemnify another or pay a specified amount upon determinable
					 contingencies. The term shall include any kind of insurance recognized under
					 the laws of Louisiana, but shall not include the following:
a. annuities, including but not limited to
				  annuities governed by the provisions of
				  §341 and
				  343;
b. any credit insurance which
				  banks are authorized to sell pursuant to the provisions of the Louisiana
				  Banking Law
				  R.S. 6:1 et seq., the
				  Louisiana Consumer Credit Law,
				  R.S. 9:3510 et seq.,
				  or the Motor Vehicle Sales Finance Act,
				  R.S. 6:951 et seq.;
				  or
c. any insurance product sold by
				  a bank which was engaged as a general insurance agent or broker on January 1,
				  1984, and continues to be so engaged, when sold by such bank.
Insurance Agent
- a person appointed in
					 writing by an insurer to submit applications for a policy of insurance or to
					 negotiate a policy of insurance on its behalf. As used herein, the term shall
					 also include insurance brokers, surplus lines insurance brokers, and insurance
					 solicitors.
Insurer
- any domestic, foreign, or alien
					 insurer possessing a certificate of authority to transact any fire, life, or
					 other insurance business in Louisiana.
Location
or
Located
- in
					 reference to a state bank means any place in Louisiana in which the state bank
					 maintains an office at which money is lent, or deposits received, or checks
					 paid.
Office of an ECB
- the main office, or any
					 branch, loan production office, or other manned physical facility of the bank
					 or of any subsidiary or affiliate thereof.
Person
- a natural or juridical
					 person.
Subsidiary
- a corporation owned or
					 controlled by a bank, including but not limited to a service corporation
					 governed by the provisions of LAC 10:I.501-509.