GREEN SHEET REDIGEST
HB 503 2017 Regular Session Thibaut
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
INSURERS/AGENTS: Provides relative to the licensing of insurance producers
DIGEST
Present law provides the following fees for insurance producer licenses:
Life, health, and accident producer; variable annuity producer
First time applicant......................................$75.00
Additional or renewal company appointment (yearly)............$20.00
Producer renewal fee (every two years).......................$50.00
Property and casualty producer
First time applicant......................................$75.00
Additional or renewal company appointment (yearly)............$20.00
Producer renewal fee (every two years).......................$50.00
Limited lines producer
First time applicant......................................$75.00
Each additional line of authority............................$35.00
Additional or renewal company appointment (yearly)............$20.00
Renewal fee (every two years)..............................$50.00
Limited lines credit insurance producer
First time applicant......................................$75.00
Additional or renewal company appointment (yearly)............$20.00
Renewal fee (every two years)..............................$50.00
Surplus lines broker
First time applicant.....................................$250.00
Renewal fee (every two years).............................$350.00
Fee for failure to file producer license renewal timely (per license).......$50.00
Fee for duplicate producer license.................................$15.00
Proposed law retains the current fees for surplus lines producers and the fee for failure to
timely file a producer license renewal.
Proposed law creates an "all other lines" category of insurance producers for the purpose of
unifying the fee structure and renewal periods for the following insurance producer licenses:
life, health, and annuities; property and casualty; limited lines; and limited lines credit
insurance. Proposed law otherwise retains present law regarding the fee structure for
producers in these categories.
Proposed law creates the following fee structure for all other lines of producer licenses:
First time applicant............................................$75.00
Application to add lines.........................................$50.00
Initial or renewal company appointment (yearly).....................$20.00
Producer renewal fee (every two years):
One line...............................................$50.00
Two or more lines.......................................$55.00
Present law provides that a business entity acting as an insurance producer is required to
obtain an insurance producer license and that any person who directly or indirectly controls
10% or more of such entity shall be registered with the Department of Insurance under such
business entity's license.
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Prepared by James Benton. Proposed law changes present law by limiting the requirement to register controlling persons
to resident business entities. Proposed law adds a requirement for non-resident business
entities to provide that information to the commissioner of insurance upon request.
Effective January 1, 2018.
(Amends R.S. 22:821(B)(3) and 1546(B)(1)(a))
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Insurance to the original
bill:
1. Provides that the producer renewal fee for all other lines of insurance is $55.00
for two or more lines.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs
to the engrossed bill
1. Changes the effective date.
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Prepared by James Benton.