HLS 16RS-877 ORIGINAL
2016 Regular Session
HOUSE BILL NO. 352
BY REPRESENTATIVE HUVAL
INSURANCE: Provides for the retention of certain insurance records by producers and
adjusters
1 AN ACT
2To enact R.S. 22:1569 and 1679, relative to the retention of records by insurance producers
3 and licensed claims adjusters; to provide for the records to be retained; to provide for
4 the retention period; to provide for the availability of examination by the
5 commissioner; and to provide for related matters.
6Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 22:1569 and 1679 are hereby enacted to read as follows:
8 §1569. Record retention
9 A. An insurance producer shall maintain a complete record of each
10 transaction as an insurance producer. The records required by this Section shall
11 include all of the following:
12 (1) Name of the insured or applicant.
13 (2) Location, description, and amount of any property, risk, or exposure.
14 (3) Copy of the contract between the insurance producer and insured or the
15 application completed by an applicant for insurance.
16 (4) Name of any insurer, amount, expiration date, and number of each policy
17 carried with respect to the loss.
18 (5) Itemized statement of all compensation received by the insurance
19 producer, from any source whatsoever, in connection with any contract or
20 application.
Page 1 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 16RS-877 ORIGINAL
HB NO. 352
1 (6) A register of all monies received, deposited, disbursed, or withdrawn in
2 connection with a transaction with an insured or applicant.
3 (7) Name of the insurance producer who executed the contract.
4 (8) Evidence of financial responsibility in a manner and form prescribed by
5 the commissioner.
6 B. Records shall be maintained for at least five years after the termination
7 of the transaction with an insured and shall be available for examination by the
8 commissioner.
9 * * *
10 §1679. Record retention
11 A. An adjuster, including a business entity licensed as a claims adjuster, who
12 is an independent contractor shall maintain a complete record of each transaction as
13 an adjuster. The records required by this Section shall include all of the following:
14 (1) Name of the insured.
15 (2) Date, location, and amount of the loss.
16 (3) Copy of the contract between the adjuster and insurer.
17 (4) Name of the insurer, amount, expiration date, and number of each policy
18 carried with respect to the loss.
19 (5) Itemized statement of the insured's recoveries.
20 (6) Itemized statement of all compensation received by the adjuster, from any
21 source whatsoever, in connection with the loss.
22 (7) A register of all monies received, deposited, disbursed, or withdrawn in
23 connection with a transaction with an insured.
24 (8) Evidence of financial responsibility in a format prescribed by the
25 commissioner of insurance.
26 B. Records shall be maintained for at least five years after the termination of
27 the transaction with an insured and shall be available for examination by the
28 commissioner.
Page 2 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 16RS-877 ORIGINAL
HB NO. 352
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)]
HB 352 Original 2016 Regular Session Huval
Abstract: Provides for retention of certain records by insurance producers and licensed
claims adjusters for a minimum of five years.
Proposed law provides that insurance producers and licensed claims adjusters shall retain
complete records of each transaction. Further provides that the records shall be maintained
for a minimum of five years and be available for inspection by the commissioner.
Proposed law provides an enumerated list of required records.
(Adds R.S. 22:1569 and 1679)
Page 3 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.