Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 149 - Regulation Number 106-Replacement of Limited Benefit Insurance Policies
Section XIII-14901 - Purpose
Universal Citation: LA Admin Code XIII-14901
Current through Register Vol. 50, No. 9, September 20, 2024
A. Regulation 106 implements the provisions of Act 844, of the 2014 Regular Session of the Louisiana Legislature, specifically R.S. 22:1964(27) which mandates that the Department of Insurance promulgate rules and/or regulations addressing the replacement of limited benefit insurance policies as defined in R.S. 22:47(2)(c).
B. The purpose of this regulation is:
1. to regulate the activities of insurers and
producers with respect to the replacement of limited benefit insurance
policies;
2. to protect the
interests of limited benefit insurance policy purchasers by establishing
minimum standards of conduct to be observed in a replacement transaction. It
will:
a. assure that purchasers receive
information with which a decision can be made in his or her own best
interest;
b. reduce deliberate use
of misrepresentation or false statements in the sale of limited benefit
replacement policies.
AUTHORITY NOTE: Promulgated in accordance with R.S. 22:1964 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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