HLS 14RS-1303 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. 660
BY REPRESENTATIVE PIERRE
INSURERS: Provides relative to property residual value insurers
AN ACT1
To amend and reenact R.S. 22:382 and 389(A)(introductory paragraph), relative to property2
residual value insurers; to provide that a property residual value insurer shall notify3
the commissioner of insurance within sixty days of any material change in its4
ownership, control, or other circumstance affecting its qualifications for a license;5
to permit the commissioner of insurance to levy a fine; and to provide for related6
matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 22:382 and 389(A)(introductory paragraph) are hereby amended and9
reenacted to read as follows: 10
§382. License required of property residual value insurer ; notice of material change11
required12
A. No person shall act as or attempt to act as a property residual value13
insurer unless licensed to do so by the commissioner. Each application shall be14
submitted to the commissioner along with the fee for such license in the amount of15
one thousand five hundred dollars. Licenses shall be renewed annually upon payment16
of a fee of one thousand five hundred dollars, which shall be paid no later than17
March fifteenth of each year.18
B. A licensee shall notify the commissioner within sixty days of any material19
change in its ownership, control, or other fact or circumstance affecting its20
qualification for a license in this state. Material changes shall include but are not21
limited to the following:22 HLS 14RS-1303 ORIGINAL
HB NO. 660
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are additions.
(1) Changes in officers or directors.1
(2) Changes in ownership.2
(3) Change in articles of incorporation.3
(4) A merger.4
(5) An addition or change of a trade name or "d/b/a".5
(6) Cessation of business in Louisiana.6
* * *7
§389. Revocation or suspension of license; fine8
A. The commissioner may levy a fine not to exceed one thousand dollars or9
revoke or suspend any license required by this Subpart in accordance and compliance10
with R.S. 49:961. Any license issued under the provisions of this Subpart shall be11
revoked or suspended for the following causes:12
* * *13
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)]
Pierre HB No. 660
Abstract: Requires property residual value insurers to notify the commissioner of insurance
of any corporate structure changes within 60 days.
Present law requires property residual value insurers be licensed by the commissioner of
insurance but does not require property residual value insurers to notify the commissioner
of insurance of any changes in their corporate structure.
Proposed law requires property residual value 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 La. HLS 14RS-1303 ORIGINAL
HB NO. 660
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Present law provides that the commissioner may suspend or revoke the license of a property
residual value insurer.
Proposed law retains present law but also provides that the commissioner may levy a fine
not to exceed $1,000 in lieu of suspending or revoking the license.
(Amends R.S. 22:382 and 389(A)(intro. para.))