reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11707 - Exemptions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Unless otherwise specifically included, this regulation shall not apply to transactions involving:
1. direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this regulation;
2. contracts used to fund:
a. an employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);
b. a plan described by Sections  401(a) of the Internal Revenue Code (IRC), as amended, if established or maintained by an employer;
c. a government or church plan defined in Section  414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under Section  457 of the IRC;
d. a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
e. settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
f. formal prepaid funeral contracts.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11709 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Annuity
- an annuity that is an insurance
				  product under State law that is individually solicited, whether the product is
				  classified as an individual or group annuity.
FINRA
-the Financial Industry Regulatory
				  Authority or a succeeding agency.
Insurance Producer
- a person required to be
				  licensed under the laws of this state to sell, solicit or negotiate insurance,
				  including annuities.
Insurer
- a company required to be licensed
				  under the laws of this state to provide insurance products, including
				  annuities.
Recommendation
-advice provided by an
				  insurance producer, or an insurer where no producer is involved, to an
				  individual consumer that results in a purchase, exchange, or replacement of an
				  annuity in accordance with that advice.
Replacement
-a transaction in which a new
				  policy or contract is to be purchased, and it is known or should be known to
				  the proposing producer, or to the proposing insurer if there is no producer,
				  that by reason of the transaction, an existing policy or contract has been or
				  is to be:
1. lapsed, forfeited, surrendered, or partially surrendered,
				  assigned to the replacing insurer, or otherwise terminated;
2. converted to reduced paid-up insurance, continued as
				  extended term insurance, or otherwise reduced in value by the use of
				  nonforfeiture benefits, or other policy values;
3. amended so as to effect either a reduction in benefits or
				  in the term for which coverage would otherwise remain in force or for which
				  benefits would be paid;
4. reissued with any reduction in cash value; or
5. used in a financed purchase.
Suitability Information
-information that is
				  reasonably appropriate to determine the suitability of a recommendation,
				  including the following:
1. age;
2. annual income;
3. financial situation and needs, including the financial
				  resources used for the funding of the annuity;
4. financial experience;
5. financial objectives;
6. intended use of the annuity;
7. financial time horizon;
8. existing assets, including investment and life insurance
				  holdings;
9. liquidity needs;
10. liquid net worth;
11. risk tolerance; and
12. tax status.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:11 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11711 - Duties of Insurers and of Insurance Producers

Current through Register Vol. 50, No. 6, June 20, 2024
A. In recommending to a consumer the purchase
				of an annuity or the exchange of an annuity that results in another insurance
				transaction or series of insurance transactions, the insurance producer, or the
				insurer where no producer is involved, shall have reasonable grounds for
				believing that the recommendation is suitable for the consumer on the basis of
				the facts disclosed by the consumer as to his or her investments and other
				insurance products and as to his or her financial situation and needs,
				including the consumers suitability information, and that there is a reasonable
				basis to believe all of the following:
1. the
				consumer has been reasonably informed of various features of the annuity, such
				as the potential surrender period and surrender charge, potential tax penalty
				if the consumer sells, exchanges, surrenders, or annuitizes the annuity,
				mortality, and expense fees, investment advisory fees, potential charges for
				and features of riders, limitations on interest returns, insurance, and
				investment components and market risk;
2. the consumer would benefit from certain
				features of the annuity, such as tax-deferred growth, annuitization, or death
				or living benefit;
3. the
				particular annuity as a whole, the underlying subaccounts to which funds are
				allocated at the time of purchase or exchange of the annuity, and riders and
				similar product enhancements, if any, are suitable (and in the case of an
				exchange or replacement, the transaction as a whole is suitable) for the
				particular consumer based on his or her suitability information; and
4. in the case of an exchange or replacement
				of an annuity, the exchange or replacement is suitable including taking into
				consideration whether:
a. the consumer will
				incur a surrender charge, be subject to the commencement of a new surrender
				period, lose existing benefits (such as death, living, or other contractual
				benefits), or be subject to increased fees, investment advisory fees, or
				charges for riders and similar product enhancements;
b. the consumer would benefit from product
				enhancements and improvements; and
c. the consumer has had another annuity
				exchange or replacement and, in particular, an exchange or replacement within
				the preceding 36 months.
5. The requirements of this Section are
				intended to supplement and not replace the disclosure requirements of any
				annuity disclosure regulation promulgated by the Louisiana Department of
				Insurance.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11713 - Compliance Mitigation; Penalties

Current through Register Vol. 50, No. 6, June 20, 2024
A. An insurer is responsible for compliance
				with this regulation. If a violation occurs, either because of the action or
				inaction of the insurer or its insurance producer, the commissioner may order:
1. an insurer to take reasonably appropriate
				corrective action for any consumer harmed by the insurer's, or by its insurance
				producer's, violation of this regulation;
2. a general agency, independent agency, or
				the insurance producer to take reasonably appropriate corrective action for any
				consumer harmed by the insurance producer's violation of this regulation; and
3. appropriate penalties and
				sanctions.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11715 - Recordkeeping

Current through Register Vol. 50, No. 6, June 20, 2024
A. Insurers,
				general agents, independent agencies and insurance producers shall maintain or
				be able to make available to the commissioner records of the information
				collected from the consumer and other information used in making the
				recommendations that were the basis for insurance transactions for 5 years
				after the insurance transaction is completed by the insurer. An insurer is
				permitted, but shall not be required, to maintain documentation on behalf of an
				insurance producer.
B. Records
				required to be maintained by this regulation may be maintained in paper,
				photographic, microprocess, magnetic, mechanical or electronic media or by any
				process that accurately reproduces the actual document.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:11 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11717 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				or item of this regulation, or the application thereof, is held to be invalid,
				such invalidity shall not affect other provisions, items, or applications of
				the regulation, which can be given effect without the invalid provisions, item,
				or application.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:11 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions › Section XIII-11719 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. Regulation
				89, as amended, shall become effective upon final promulgation in the
Louisiana Register
.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:11 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11901 - Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. This regulation
				is promulgated by the Commissioner of Insurance pursuant to authority granted
				under the Louisiana Insurance Code, Title 22, §22:1 et seq., particularly the
				Standard Valuation Law, see Title 22, §163. B.(1)(a) and Subsections 10909. A and B of Regulation 85.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:163,
				  22:168 and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11903 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this regulation is to recognize, permit and prescribe the use of mortality
				tables that reflect differences in mortality between preferred and standard
				lives in determining minimum reserve liabilities in accordance with Title 22,
				§163. B.(1)(a) and Subsections 10909. A and B of Regulation 85.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:163,
				  22:168 and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11907 - 2001 CSO Preferred Class Structure Table

Current through Register Vol. 50, No. 6, June 20, 2024
A. At the election of the company, for each
				calendar year of issue, for any one or more specified plans of insurance and
				subject to satisfying the conditions stated in this regulation, the 2001 CSO
				Preferred Class Structure Mortality Table may be substituted in place of the
				2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard
				for policies issued on or after January 1, 2007. No such election shall be made
				until the company demonstrates at least 20 percent of the business to be valued
				on this table is in one or more of the preferred classes. A table from the 2001
				CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO
				Mortality Table, pursuant to the requirements of this rule, will be treated as
				part of the 2001 CSO Mortality Table only for purposes of reserve valuation
				pursuant to the requirements of the NAIC model regulation, "Recognition of the
				2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and
				Nonforfeiture Benefits Model Regulation."
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:163,
				  22:168 and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11909 - Conditions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For each plan of
				insurance with separate rates for preferred and standard nonsmoker lives, an
				insurer may use the super preferred nonsmoker, preferred nonsmoker, and
				residual standard nonsmoker tables to substitute for the nonsmoker mortality
				table found in the 2001 CSO Mortality Table to determine minimum reserves. At
				the time of election and annually thereafter, except for business valued under
				the residual standard nonsmoker table, the appointed actuary shall certify
				that:
1. the present value of death benefits
				over the next 10 years after the valuation date, using the anticipated
				mortality experience without recognition of mortality improvement beyond the
				valuation date for each class, is less than the present value of death benefits
				using the valuation basic table corresponding to the valuation table being used
				for that class;
2. the present
				value of death benefits over the future life of the contracts, using
				anticipated mortality experience without recognition of mortality improvement
				beyond the valuation date for each class, is less than the present value of
				death benefits using the valuation basic table corresponding to the valuation
				table being used for that class.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11911 - Separability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				of this regulation or its application to any person or circumstance is for any
				reason held to be invalid, the remainder of the regulation and the application
				of the provision to other persons or circumstances shall not be
				affected.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:163,
				  22:168 and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 119 - Regulation Number 91- The Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section XIII-11913 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. This
				regulation shall become effective on the date of its final publication in the
Louisiana Register.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:163,
				  22:168 and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				Regulation 87 is to establish standards, guidelines, and requirements for
				licensed and qualified insurance producers to have binding authority to write
				applications of property and casualty insurance for the FAIR Plan and the
				Coastal Plan issued by the Louisiana Citizens Property Insurance Corporation.
				Regulation 87 also sets forth standards and procedures regarding the
				application process for use by such insurance producers.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12103 - Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. Regulation 87 is
				promulgated by the Board of Directors of the Louisiana Citizens Property
				Insurance Corporation, pursuant to the authority granted under the Louisiana
				Insurance Code, Title 22,
				R.S.
				22:2313.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12105 - Applicability and Scope

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Regulation 87 applies to all insurance producers who are eligible to sell
				insurance policies issued by Louisiana Citizens Property Insurance Corporation
				pursuant to
				R.S.
				22:2313(A), and that have
				applied to the Louisiana Citizens Property Insurance Corporation and have met
				the qualifications for binding authority.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12109 - Licensing

Current through Register Vol. 50, No. 6, June 20, 2024
A. Pursuant to
				R.S.
				22:12, no person shall be authorized to
				transact or shall transact the business of insurance in the state of Louisiana
				without complying with the provisions of the Louisiana Insurance
				Code.
B. Except as otherwise
				provided in
				R.S.
				22:1544(B) and
				22:1562(C)(1),
				no person shall act as or hold himself out to be an insurance producer unless
				licensed by the department as required by
				R.S.
				22:1543.
C. In accordance with
				R.S.
				22:1543(B), an insurance
				producer is not authorized to sell, solicit, make an application for, procure,
				or place for others any policies for any lines of insurance as to which the
				insurance producer is not qualified and duly licensed in the state of
				Louisiana.
D. Citizens acknowledges
				that the granting of an insurance producer license is within the sole province
				of the department and nothing in Regulation 87 shall be construed or intended
				to confer upon Citizens any right to the licensure of any insurance
				producer.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12111 - Qualifications for Binding Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order to bind coverage for the FAIR
				Plan and the Coastal Plan through Citizens, each duly licensed insurance
				producer must meet the following requirements:
1. maintain errors and omission insurance in
				the minimum amount of $1 million per occurrence and $1 million annual
				aggregate;
2. complete any
				previously approved and required Citizens education seminar, as well as review
				and follow all training documents, rules, and guidelines provided on Citizens'
				website
3. demonstrate experience
				writing property and casualty insurance in Louisiana and maintain an in-force
				book of residential and/or commercial property insurance business in the lines
				of insurance offered by Citizens;
4. have a valid insurance producer license
				issued by the department;
5. submit
				to Citizens a completed application warranting compliance with applicable
				requirements established by Citizens;
6. submit to Citizens a properly executed
				producer subscriber agreement; and
7. demonstrate compliance with all terms and
				conditions set forth in the producer subscriber agreement.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12113 - Procedures to Implement Binding Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. The insurance producer shall list all
				unlicensed employees that shall have access to the E.P.I.C. system in order for
				the insurance producer to bind property and casualty insurance coverage for
				their clients with Citizens.
B. If
				the insurance producer is an insurance agency, it shall list each unlicensed
				employee or insurance producer that shall have access to the E.P.I.C. system in
				order for the insurance producer to bind property and casualty insurance
				coverage for their clients with Citizens.
C. Each insurance producer, whether an
				individual or an agency, shall assign an administrator who shall have the
				responsibility and authority to add and/or delete unlicensed employees,
				including insurance producers, who have been authorized to access the E.P.I.C.
				system. The administrator shall provide each unlicensed employee, including
				insurance producers, an E.P.I.C. system access code, and the administrator and
				insurance producer shall select a secure password to access the E.P.I.C.
				system. The administrator shall be responsible for managing the E.P.I.C. system
				interface with the insurance producer, whether an individual or an agency, and
				maintaining up-to- date information in the E.P.I.C. system.
D. Citizens will publish and maintain
				technical computer system requirements for the E.P.I.C. system. Instructions
				for using the E.P.I.C. system will be available on a web site created and
				maintained by Citizens. Insurance producers are responsible for ensuring that
				their computer systems and internal resources meet the technical computer
				system requirements and that their unlicensed employees, including insurance
				producers if an insurance agency, are properly trained on the use of the
				E.P.I.C. system.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12115 - Procedures for Application to Bind Coverage

Current through Register Vol. 50, No. 6, June 20, 2024
A. The insurance producer shall complete and
				submit the on-line application for property and casualty insurance coverage to
				Citizens and shall comply with all requirements of the application process that
				have been established by Citizens.
B. The insurance producer authorized to bind
				coverage with Citizens on the E.P.I.C. system shall provide a valid Louisiana
				property and casualty insurance producer license number issued by the
				department in each application for property and casualty coverage with Citizens
				utilizing the E.P.I.C. system. The administrator shall be responsible for
				maintaining an up-to-date list of insurance producers with the current
				insurance producer license number issued by the department.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12117 - Education and Training

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each
				authorized insurance producer and each authorized employee of an insurance
				producer shall attend any certified continuing education seminar that may be
				required by Citizens in order to maintain their binding authority. Citizens
				will provide appropriate notice to authorized insurance producers should a
				continuing education requirement be identified.
B. Each new insurance producer and each
				employee of a new insurance producer shall attend any previously approved and
				required Citizens education seminar, as well as review and follow all training
				documents, rules and guidelines provided on Citizens' website. As a
				prerequisite for authorization to bind coverage, new producers and existing
				producers must comply with this Regulation 87.
C. Any insurance producer who is authorized
				by and conducting business with Citizens on the date Regulation 87 becomes
				final shall have until December 31, 2008 to complete the educational
				requirements.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12119 - Errors and Omission Insurance

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Each insurance producer, including the insurance agency if applicable, must
				provide documentary proof to Citizens that it has met and is carrying a
				required minimum of $1,000,000 per occurrence and $1,000,000 annual aggregate
				of professional liability coverage at the time of application for binding
				authority. Proof of professional liability coverage shall include, at a
				minimum, documentation that verifies the liability insurer, the amount of
				coverage and the duration of coverage. The administrator of the insurance
				producer shall update this proof of professional liability coverage in the
				E.P.I.C. system each year in advance of the expiration date of the
				coverage.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12121 - Underwriting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each
				insurance producer, including a producer who is an insurance agency, who has
				authority to bind coverage with Citizens is responsible to ensure that each
				producer and unlicensed employee properly follows all of the underwriting
				procedures established by Citizens. Any insurance producer who attempts to bind
				coverage with Citizens and fails to follow the underwriting procedures that
				have been established by Citizens shall be subject to the action that Citizens
				is authorized to take, including the suspension and termination of binding
				authority privileges, as prescribed in Section 12125
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12123 - Premium Payments Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. An insurance producer shall submit to
				Citizens an electronic payment, via the E.P.I.C. system, of the $65
				non-refundable application fee in order to receive a coverage confirmation
				letter. The policyholder, or the producer or mortgage company on behalf of the
				policyholder, has 14 days from the effective date of the coverage confirmation
				Letter to submit a minimum payment of 25 percent of the quoted policy premium
				plus 100 percent of all policy fees and taxes. If the minimum payment is not
				received by Citizens by the fourteenth day, the quote will expire. The E.P.I.C.
				system will allow payment electronically with either a credit card or an
				electronic transfer of funds (ETF). Both methods require a completed Funds
				Authorization Form to be submitted to Citizens via the E.P.I.C.
				system.
B. Failure to timely submit
				a premium to Citizens may result in suspension of binding authority privileges
				for one year unless reinstated before the expiration of the one year period by
				Citizens. Additionally, the insurance producer will be referred to the
				department for further action authorized under the Louisiana Insurance Code. An
				insurance producer who has been suspended may be authorized to service existing
				Citizens' business. However, such insurance producer will not be authorized or
				entitled to bind any new business unless and until reinstated by
				Citizens.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2313 and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12127 - Appeals

Current through Register Vol. 50, No. 6, June 20, 2024
A. An insurance
				producer aggrieved by any action taken by the chief executive officer of
				Citizens relative to the suspension or termination of their binding authority
				privileges shall have the right to file a written appeal to the board of
				directors of Citizens. The written appeal shall be filed within 30 days of the
				date of the adverse action taken by the chief executive officer of Citizens
				against the aggrieved party. The written appeal shall set forth, in detail,
				each and every reason why the aggrieved party is entitled to the relief
				requested, including any documents, papers and things tendered in support
				thereof. The board of directors of Citizens may conduct a hearing or may
				consider the matter as being submitted on the merits. The board of directors of
				Citizens shall render a decision within 90 days after the date of the lodging
				of a timely and complete appeal.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12129 - Referral for Regulatory Action

Current through Register Vol. 50, No. 6, June 20, 2024
A. Citizens reserves the right to refer any
				matter involving Regulation 87 to the department for any legal action
				authorized under the Louisiana Insurance Code, including, but not limited to,
				fine, probation, suspension or revocation of the insurance producer license
				issued by the department to the insurance producer.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12131 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				of Regulation 87 or its application to any person or circumstance is held
				invalid, such invalidity shall not affect other provisions or applications of
				Regulation 87 which can be given effect without the invalid provision or
				application, and to that end, the provisions of Regulation 87 are
				severable.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 121 - Regulation Number 87-Louisiana Citizens Property Insurance Corporation Producer Binding Requirements › Section XIII-12133 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. Regulation
				87 shall become effective on the date of the publication of the final Rule in
				the
Louisiana Register
.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1430.22 and the Administrative Procedure
				  Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12301 - Purpose (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12303 - Authority (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12305 - Applicability and Scope (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12307 - Definitions (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12309 - Matching Capital Grants (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12311 - Public Invitation for Grant Applications (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12313 - Applications (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12315 - Qualifications for Applying for Grant Funds (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12317 - Award and Allocation of Grants (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12319 - Authorized Insurers (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12321 - Matching Capital Requirements (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12323 - Property Insurance Requirements (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12325 - Funding Schedule [Formerly Section12327] (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
This Section was
				  formerly §12327
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12327 - Reporting Requirements [Formerly Section12329] (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
This section was
				  formerly §12329
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12329 - Compliance [Formerly Section 12331] (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
This section was
				  formerly §12331)
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12331 - Earned Capital [Formerly Section 12325] (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
This section was
				  formerly §12325
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12333 - Declaration of Default (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12335 - Cooperative Endeavor Agreements (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12337 - Severability (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 123 - Regulation 82-Insure Louisiana Incentive Program › Section XIII-12339 - Effective Date (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  22:2361 et seq. (re-designated from
				  R.S.
				  22:3301 pursuant to Acts 2008, No. 415,
				  effective January 1, 2009), and the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 125 - Regulation 92- Military Sales Practices › Section XIII-12501 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this regulation is to set forth standards to protect active duty service
				members of the United States Armed Forces from dishonest and predatory
				insurance sales practices by declaring certain identified practices to be
				false, misleading, deceptive or unfair.
B. Nothing herein shall be construed to
				create or imply a private cause of action for a violation of this
				regulation.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:1211,
				  22:1214, and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 125 - Regulation 92- Military Sales Practices › Section XIII-12503 - Scope

Current through Register Vol. 50, No. 6, June 20, 2024
A. This regulation
				shall apply only to the solicitation or sale of any life insurance or annuity
				product by an insurer or insurance producer to an active duty service member of
				the United States Armed Forces.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:1211,
				  22:1214; and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 125 - Regulation 92- Military Sales Practices › Section XIII-12505 - Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. This regulation
				is promulgated by the Commissioner of Insurance pursuant to authority granted
				under the Louisiana Insurance Code, Title 22, §22:1 et seq., particularly 22:3,
				and the Unfair Trade Practices Law, see Title 22, §1211, and specifically
				§1214. (1)(a)
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:1211,
				  22:1214; and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.