ENROLLED
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ACT No. 82
Regular Session, 2014
HOUSE BILL NO. 660
BY REPRESENTATIVE PIERRE
AN ACT1
To amend and reenact R.S. 22:382 and 389(A)(introductory paragraph) and to enact R.S.2
22:389(A)(5) and 389.1, relative to property residual value insurers; to provide that3
a property residual value insurer shall notify the commissioner of insurance within4
sixty days of any material change in its ownership, control, or other circumstance5
affecting its qualifications for a license; to permit the commissioner of insurance to6
levy a fine; to authorize the commissioner to levy a fine, suspend, or revoke a license7
under certain circumstances; to provide for reinstatement of license for failure to pay8
the annual license renewal fee; to provide for reinstatement of license for failure to9
file the annual audited financial statement; and to provide for related matters.10
Be it enacted by the Legislature of Louisiana:11
Section 1. R.S. 22:382 and 389(A)(introductory paragraph) are hereby amended and12
reenacted and R.S. 22:389(A)(5) and 389.1 are enacted to read as follows: 13
§382. License required of property residual value insurer ; notice of material change14
required15
A. No person shall act as or attempt to act as a property residual value16
insurer unless licensed to do so by the commissioner. Each application shall be17
submitted to the commissioner along with the fee for such license in the amount of18
one thousand five hundred dollars. Licenses shall be renewed annually upon payment19
of a fee of one thousand five hundred dollars, which shall be paid no later than20
March fifteenth of each year.21 ENROLLEDHB NO. 660
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B. A licensee shall notify the commissioner within sixty days of any material1
change in its ownership, control, or other fact or circumstance affecting its2
qualification for a license in this state. Material changes shall include but are not3
limited to the following:4
(1) Changes in officers or directors.5
(2) Changes in ownership.6
(3) Change in articles of incorporation.7
(4) A merger.8
(5) An addition or change of a trade name or "d/b/a".9
(6) Cessation of business in Louisiana.10
* * *11
§389. Revocation or suspension of license; fine12
A. The commissioner may levy a fine not to exceed one thousand dollars per13
violation or revoke or suspend any license required by this Subpart in accordance14
and compliance with R.S. 49:961. Any license issued under the provisions of this15
Subpart shall be revoked or suspended for the following causes: for any of the16
following:17
* * *18
(5) The insurer fails to comply with any provision of this Subpart or a lawful19
order of the commissioner.20
* * *21
§389.1. Reinstatement of license22
A. A property residual value insurer whose license has been suspended for23
failure to pay the annual renewal fee required by R.S. 22:382 shall have his license24
reinstated if the annual renewal fee is paid within ninety days of the date of25
suspension, provided all other requirements of this Subpart have been met.26
B. A property residual value insurer whose license has been suspended for27
failure to file the annual audited financial statement required by R.S. 22:386 shall28 ENROLLEDHB NO. 660
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have his license reinstated if the annual audited financial statement is filed within1
ninety days of the deadline for filing provided in R.S. 22:386.2
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: