Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 117 - Regulation Number 89-Suitability in Annuity Transactions
Section XIII-11713 - Compliance Mitigation; Penalties; Enforcement
Universal Citation: LA Admin Code XIII-11713
Current through Register Vol. 50, No. 9, September 20, 2024
A. An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Department may order:
1. an insurer to take reasonably appropriate
corrective action for any consumer harmed by a failure to comply with this
regulation by the insurer, an entity contracted to perform the insurer's
supervisory duties, or by the producer;
2. a general agency, independent agency, or
producer to take reasonably appropriate corrective action for any consumer
harmed by the producer's violation of this regulation; and
3. appropriate penalties and
sanctions.
B. Any applicable penalty for a violation of this regulation may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11, 22:919, 22:1576, and the Administrative Procedure Act, R.S. 49:950 et seq.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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