Louisiana State Insurance Laws (P&C Exam)SCORED A+)
A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". - ANSWERSIndividual producer
A person applying for a producer license must: - ANSWERS-atleast 18 years old -Reside, or maintain their place of business in LA
-Not committed any act that would is grounds for license denial, suspension, or revocation. -completed a prelicensing course of study & pass the exam
-paid all of the appropriate fees -has the commissioner's written consent, if required by any statute regulating crimes affecting persons engaged in the business of insurance whose activities affect interstate
commerce.
A ***** is a corporation, association, partnership, limited liability company, limited liability
partnership, or other legal entity. - ANSWERSBusiness entity
A **** acting as a producer must obtain a producer license. - ANSWERSBusiness entity
Business Entity: - ANSWERSEvery member, partner, officer, and director of a resident business entity must register with the department of insurance under the business entity's license. Any person who controls directly or indirectly 10% or more of a producer business entity
must also register with the department of insurance under the business entity's license.
If there is any change of status of an individual who is registered under the business entity license, the business entity licensee must notify the commissioner within **** days. - ANSWERS30 days
A non-resident business entity must provide to the commissioner upon request, the name of every member, partner, officer, director, and person who controls directly of indirectly ****% or more of the nonresident business entity. - ANSWERS10%
A licensed business entity operating at multiple locations must notify the commissioner ..... - ANSWERSwithin 30 days whenever a new location opens.
Before approving the application, the commissioner must find that the entity has: - ANSWERS-paid all appropriate fees -designated at least one licensed individual producer responsible for its compliance with
this states laws.
A non resident person will be licensed as a nonresident producer if he/she: - ANSWERS-currently licensed as a resident & is in good standing of their home state.
-submitted the proper licensure request and paid all appropriate fees. -submitted to the commissioner, either the licensure application that he/she submitted to
their home state or a completed uniform application.
-resides in a state that awards nonresident licenses to the LA residents on a reciprocal basis. -Has designated the commissioner as their agent for the service of legal process. -An applicant may qualify for a nonresident license if she/he holds a similar resident license in any state, district, or territory of the U.S. or Canada
When a nonresident or resident producer moves from one state to another, they must - ANSWERSfile a change of address & provide certification from the new residing state withing 30 days of the legal change.
If a resident license, while maintaining a resident license: - ANSWERS-also maintains or submits an application for a license in any other state or jurisdiction that says they are a resident of that state being applied for
OR -if the licensee ceases to be a resident of resident
When completing the background info portion of the Uniform Business Entity Application
pertaining to the disclosure of certain lawsuits or arbitration proceedings, corporations, banks, partnerships, or other business entities, and their executive officers and directors, must disclose those proceedings occurring within the ******* years - ANSWERSthe past 5 years
The commissioner may issue a temporary insurance producer license for up to *** days without requiring an examination. - ANSWERS180 days
If the commissioner deems the temporary license is necessary for the servicing of an insurance business in the following cases: - ANSWERS- a deceased or disabled producer's surviving spouse, next of kin, or employee, a deceased producer's administration or executor, or a disabled producer's court-appointed personal representative to sell, return the producer to, or train and license new personnel to operate, the business. -To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of the entity's designated producer -to the designee of a licensed producer entering active service in the U.S. Armed forces -In any other circumstance, as the commissioner deems such issuance to be in the public interest
