Requires a nonresident producer to surrender the Louisiana nonresident license when the resident license on which it is based terminates. (1/1/2020)
Impact
The bill is set to amend R.S. 22:1548 of the Louisiana Revised Statutes, which governs the licensing of nonresidents in the insurance sector. By requiring nonresident producers to have their home state licenses in good standing, SB87 aims to strengthen the regulatory oversight of insurance practices in Louisiana. This amendment could potentially simplify the licensing process and increase compliance with state laws, thereby enhancing consumer protection.
Summary
Senate Bill 87, introduced by Senator John Smith, focuses on the licensing requirements for nonresident insurance producers in Louisiana. It amends existing laws to require these nonresident producers to maintain a current and valid resident producer license in their home state as a condition for their Louisiana nonresident license to remain valid. This ensures that the producers are accountable to the regulatory framework of their home states while conducting business in Louisiana.
Sentiment
The sentiment surrounding SB87 appears to be supportive, as the bill passed unanimously in the House with a vote of 95 to 0. This reflects a strong consensus among legislators about the importance of ensuring that nonresident insurance producers are adequately regulated, thus promoting a more reliable insurance market in Louisiana. Stakeholders in the insurance industry may also view this bill positively as it reinforces the credibility of licensing standards.
Contention
While SB87 received broad support, some concerns may arise about the implications for nonresident insurance producers who may face increased administrative burdens due to the requirement to maintain a license in their home states. Critics may argue that this could limit the ability of out-of-state producers to operate freely in Louisiana, but the overall objective is to protect consumers and ensure that all insurance providers meet the same standards of accountability and professionalism.
Authorizes a nonresident student in a Louisiana high school to purchase a nonresident basic hunting license for the cost of a resident hunting license (EN DECREASE SD RV See Note)
Producer's lines of insurance, service of process for producer proceedings, revocation of nonresident producer licenses, requirements for renewal of business entity public adjuster licenses, public adjuster proof of insurance requirements, and public adjuster continuing education requirements.