Louisiana § RS 22:438 - Acknowledgment of applicant for insurance

§ RS 22:438. Acknowledgment of applicant for insurance

            A. Any licensed surplus lines broker that procures a personal lines policy with a surplus lines insurer shall obtain from the applicant for insurance no later than the date of binding coverage, an acknowledgment on a standardized form promulgated by the commissioner of insurance which shall be maintained by the licensed surplus lines broker. The acknowledgment shall verify that:

            (1) The applicant for insurance was expressly advised prior to placement of the surplus lines insurance.

            (2) The insurance may be placed with a surplus lines insurer.

            (3) In the event of insolvency of the insurer, losses shall not be paid by the Louisiana Insurance Guaranty Association or the Louisiana Life and Health Insurance Guaranty Association.

            (4) The applicant for insurance expressly authorizes the procurement of surplus lines insurance coverage.

            (5) The coverage is being procured through a duly licensed surplus lines broker.

            B. As long as the personal lines policy continues to be renewed by the same surplus lines insurer, there shall not be a need for new acknowledgments at each renewal. At renewal, if the personal lines policy is placed with a different surplus lines insurer, then a new acknowledgment shall be obtained in the manner outlined in Subsection A of this Section.

            Acts 1993, No. 126, §1; Acts 1999, No. 868, §1; Redesignated from R.S. 22:1263.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2013, No. 203, §1, eff. June 10, 2013; Acts 2015, No. 193, §1; Acts 2018, No. 7, §1, eff. Jan. 1, 2019.

NOTE: Former R.S. 22:438 redesignated as R.S. 22:167 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.