Louisiana Insurance Regulation Lesson
1: Questions and Answers Kitset Version
Already Passed
What is the minimum age to apply for an insurance producer license in Louisiana?
✔✔18
Who is responsible for enforcing Louisiana's insurance laws?
✔✔The Louisiana Commissioner of Insurance
How often must a Louisiana insurance producer renew their license?
✔✔Every 2 years
How many hours of continuing education are required for license renewal in Louisiana?
✔✔24 hours
How many hours of ethics training must be included in the continuing education requirement?
✔✔3 hours
1
,What is the time frame a licensee has to report a change of address to the Department?
✔✔30 days
What is the purpose of a cease and desist order issued by the Commissioner?
✔✔To stop a person or company from committing illegal acts
What is the penalty for willfully violating a cease and desist order in Louisiana?
✔✔Up to \$25,000 per violation
Who appoints the Louisiana Insurance Commissioner?
✔✔The voters (It is an elected position)
What is the maximum time a temporary insurance license can be valid in Louisiana?
✔✔180 days
How soon must a producer report a criminal conviction to the Commissioner?
✔✔Within 30 days
2
,What must be done before a producer can legally sell, solicit, or negotiate insurance in
Louisiana?
✔✔Obtain a valid producer license
What is the fine for acting as a producer without a license in Louisiana?
✔✔Up to \$1,000 per violation
What is the purpose of the Louisiana Insurance Guaranty Association?
✔✔To protect policyholders if an insurer becomes insolvent
How often must domestic insurers be examined by the Department of Insurance?
✔✔At least once every 5 years
What document must an insurer deliver to each policyholder outlining policy details?
✔✔Policy summary
What is considered “twisting” under Louisiana insurance law?
3
, ✔✔Misleading a client to replace an existing policy with one that may not be in their best
interest
How long must insurance records be maintained by producers in Louisiana?
✔✔5 years
What is rebating in terms of insurance sales?
✔✔Offering something of value not stated in the policy to induce a sale
What is the primary goal of insurance regulation in Louisiana?
✔✔To protect the public and ensure fair practices
What is the initial licensing fee for a resident insurance producer in Louisiana?
✔✔\$75
What is a certificate of authority?
✔✔Permission granted to an insurer to conduct business in the state
4
1: Questions and Answers Kitset Version
Already Passed
What is the minimum age to apply for an insurance producer license in Louisiana?
✔✔18
Who is responsible for enforcing Louisiana's insurance laws?
✔✔The Louisiana Commissioner of Insurance
How often must a Louisiana insurance producer renew their license?
✔✔Every 2 years
How many hours of continuing education are required for license renewal in Louisiana?
✔✔24 hours
How many hours of ethics training must be included in the continuing education requirement?
✔✔3 hours
1
,What is the time frame a licensee has to report a change of address to the Department?
✔✔30 days
What is the purpose of a cease and desist order issued by the Commissioner?
✔✔To stop a person or company from committing illegal acts
What is the penalty for willfully violating a cease and desist order in Louisiana?
✔✔Up to \$25,000 per violation
Who appoints the Louisiana Insurance Commissioner?
✔✔The voters (It is an elected position)
What is the maximum time a temporary insurance license can be valid in Louisiana?
✔✔180 days
How soon must a producer report a criminal conviction to the Commissioner?
✔✔Within 30 days
2
,What must be done before a producer can legally sell, solicit, or negotiate insurance in
Louisiana?
✔✔Obtain a valid producer license
What is the fine for acting as a producer without a license in Louisiana?
✔✔Up to \$1,000 per violation
What is the purpose of the Louisiana Insurance Guaranty Association?
✔✔To protect policyholders if an insurer becomes insolvent
How often must domestic insurers be examined by the Department of Insurance?
✔✔At least once every 5 years
What document must an insurer deliver to each policyholder outlining policy details?
✔✔Policy summary
What is considered “twisting” under Louisiana insurance law?
3
, ✔✔Misleading a client to replace an existing policy with one that may not be in their best
interest
How long must insurance records be maintained by producers in Louisiana?
✔✔5 years
What is rebating in terms of insurance sales?
✔✔Offering something of value not stated in the policy to induce a sale
What is the primary goal of insurance regulation in Louisiana?
✔✔To protect the public and ensure fair practices
What is the initial licensing fee for a resident insurance producer in Louisiana?
✔✔\$75
What is a certificate of authority?
✔✔Permission granted to an insurer to conduct business in the state
4
