HLS 14RS-1302 ORIGINAL
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2014
HOUSE BILL NO. 647
BY REPRESENTATIVE HUNTER
INSURERS: Provides relative to vehicle mechanical breakdown insurers
AN ACT1
To amend and reenact R.S. 22:369(A)(introductory paragraph) and to enact R.S. 22:362(C),2
relative to mechanical breakdown insurers; to permit the commissioner of insurance3
to levy a fine; to provide that mechanical breakdown insurers shall notify the4
commissioner of insurance within sixty days of any material change in its ownership,5
control, or other circumstance affecting its qualifications for a license; and to provide6
for related matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 22:369(A)(introductory paragraph) is hereby amended and reenacted9
and R.S. 22:362(C) is hereby enacted to read as follows: 10
§362. License required of vehicle mechanical breakdown insurer11
* * *12
C. Every licensee shall notify the commissioner within sixty days of any13
material change in its ownership, control, or other fact or circumstance affecting its14
qualification for a license in this state. Material changes shall include but are not15
limited to the following:16
(1) Changes in officers or directors.17
(2) Changes in ownership.18
(3) Change in articles of incorporation.19
(4) A merger.20 HLS 14RS-1302 ORIGINAL
HB NO. 647
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
(5) An addition or change of a trade name or "d/b/a".1
(6) Cessation of business in Louisiana.2
* * *3
§369. Revocation or suspension of license4
A. In accordance and compliance with R.S. 49:961, the commissioner may5
levy a fine not to exceed one thousand dollars or revoke or suspend any license6
required by this Subpart should he find any of the following:7
* * *8
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Hunter HB No. 647
Abstract: Requires vehicle mechanical breakdown insurers to notify the commissioner of
insurance of any corporate structure changes within 60 days.
Present law requires vehicle mechanical breakdown insurers be licensed by the
commissioner of insurance, but does not require vehicle mechanical breakdown insurers to
notify the commissioner of insurance of any changes in their corporate structure.
Proposed law requires vehicle mechanical breakdown insurers licensed in La. to notify the
commissioner of insurance of any changes in their corporate structure. Such changes include
but are not limited to:
(1)Changes in officers or directors.
(2)Changes in ownership.
(3)Change in articles of incorporation.
(4)A merger.
(5)An addition or change of a trade name or "d/b/a".
(6)Cessation of business in the state.
Present law provides that the commissioner may suspend or revoke the license required of
vehicle mechanical breakdown insurers under certain conditions.
Proposed law retains present law but provides that the commissioner may levy a fine not to
exceed $1,000 rather than suspend or revoke the license.
(Amends R.S. 22:369(A)(intro. para.); Adds R.S. 22:362(C))