Lesson 1: Louisiana Insurance Regulation
Objectives:
◦ List requirements of obtaining and maintaining a Louisiana Insurance License
◦ Recognize Louisiana laws governing the business of insurance
◦ Name important Federal laws that apply to insurance producers and insurers
◦ Recognize statutory time limits and dollar amounts from Louisiana Insurance Code
This topic is 24% of the 150 questions on the P&C Exam - ANSKey Terms:
Producer
Certificate of Authority
Controlled Business
Cease & Desist
Rebates
Investigative Consumer Report
Reciprocal
Non-Resident
This topic is 24% of the 150 questions on the P&C Exam
In the Louisiana Insurance Code, all persons or business entities referred to as an agent,
broker, solicitor, or surplus lines broker that sell, solicit, or negotiate insurance are required to be
licensed as an ____________________ - ANSinsurance producer
Individual Producer - ANSa person licensed to quote insurance policies, market, and sell
insurance products, and consult other with regard to insurance.
-- Most people in Louisiana are accustomed to calling these persons insurance agents, but the
official term insurance producers
Individual Insurance Producer Requirements: (5) - ANS1. Be at least 18 year of age
2. Reside in or work mainly from an office located in State
3. Complete Pre-licensing education required to prepare for state exam*
4. Paid their fees and submitted an application (Form 1546A)
5. Successfully pass their required exam with 70% or higher*
*An exam is required for licenses to sell most lines of insurance, and the exams are specific to
the lines of authority requested (e.g. life, health, property, casualty, etc.)
, Examples of Legal Business Entities - ANSCorporation, partnership, limited liability company
(LLC), etc.
Business Entity Producer - ANSA legal business entity may also be a producer and conduce
insurance business in the state
a. must have producer's license in business name
b. business must first have a licensed individual producer
c. have several other pieces of documentation required to apply (Form 1546B)
License Expiration P&C - ANSEvery 2 years odd numbered years (2013, 2015) by the last day
of your birth month
License Expiration LH&A - ANSEvery 2 years even numbered years (2014, 2016) by the last
day of your birth month
License Term and Renewal - ANSevery licensee must...
- complete certain number of hours in continuing education
- maintain satisfactory conduct
- send in renewal app and fees every renewal term
*Your license is only issued once and you must renew it every term to keep it active
The final approval to renew your license rests with the ______________, as he decides to
renew or not to renew. - ANSCommissioner
License Renewal - ANSrenew by sending in application and fee to La. Dept of Insurance by the
last day of their own birth month
License Renewal Fee - ANS$50
The ____________ has a standard set of exemptions for licensing requirements that most state
follow. Generally, if someone solicits insurance, they do need a license. - ANSProducer
Licensing Model Act
Change of Address - ANSIf a producer changes their mailing, work, or home address, the
Department must be notified within 10 days or face a $50 fine
((notify on an official "Change of Address" form available on the Louisiana Department of
Insurance website))
Non-Resident - ANSIndividuals not living in Louisiana and those without an office in Louisiana
may get a license to sell insurance in Louisiana.
Objectives:
◦ List requirements of obtaining and maintaining a Louisiana Insurance License
◦ Recognize Louisiana laws governing the business of insurance
◦ Name important Federal laws that apply to insurance producers and insurers
◦ Recognize statutory time limits and dollar amounts from Louisiana Insurance Code
This topic is 24% of the 150 questions on the P&C Exam - ANSKey Terms:
Producer
Certificate of Authority
Controlled Business
Cease & Desist
Rebates
Investigative Consumer Report
Reciprocal
Non-Resident
This topic is 24% of the 150 questions on the P&C Exam
In the Louisiana Insurance Code, all persons or business entities referred to as an agent,
broker, solicitor, or surplus lines broker that sell, solicit, or negotiate insurance are required to be
licensed as an ____________________ - ANSinsurance producer
Individual Producer - ANSa person licensed to quote insurance policies, market, and sell
insurance products, and consult other with regard to insurance.
-- Most people in Louisiana are accustomed to calling these persons insurance agents, but the
official term insurance producers
Individual Insurance Producer Requirements: (5) - ANS1. Be at least 18 year of age
2. Reside in or work mainly from an office located in State
3. Complete Pre-licensing education required to prepare for state exam*
4. Paid their fees and submitted an application (Form 1546A)
5. Successfully pass their required exam with 70% or higher*
*An exam is required for licenses to sell most lines of insurance, and the exams are specific to
the lines of authority requested (e.g. life, health, property, casualty, etc.)
, Examples of Legal Business Entities - ANSCorporation, partnership, limited liability company
(LLC), etc.
Business Entity Producer - ANSA legal business entity may also be a producer and conduce
insurance business in the state
a. must have producer's license in business name
b. business must first have a licensed individual producer
c. have several other pieces of documentation required to apply (Form 1546B)
License Expiration P&C - ANSEvery 2 years odd numbered years (2013, 2015) by the last day
of your birth month
License Expiration LH&A - ANSEvery 2 years even numbered years (2014, 2016) by the last
day of your birth month
License Term and Renewal - ANSevery licensee must...
- complete certain number of hours in continuing education
- maintain satisfactory conduct
- send in renewal app and fees every renewal term
*Your license is only issued once and you must renew it every term to keep it active
The final approval to renew your license rests with the ______________, as he decides to
renew or not to renew. - ANSCommissioner
License Renewal - ANSrenew by sending in application and fee to La. Dept of Insurance by the
last day of their own birth month
License Renewal Fee - ANS$50
The ____________ has a standard set of exemptions for licensing requirements that most state
follow. Generally, if someone solicits insurance, they do need a license. - ANSProducer
Licensing Model Act
Change of Address - ANSIf a producer changes their mailing, work, or home address, the
Department must be notified within 10 days or face a $50 fine
((notify on an official "Change of Address" form available on the Louisiana Department of
Insurance website))
Non-Resident - ANSIndividuals not living in Louisiana and those without an office in Louisiana
may get a license to sell insurance in Louisiana.
