La. Admin. Code tit. 37 § XIII-12107
Binding Authority-the ability of a duly licensed insurance producer, who has adequate errors and omission insurance, and has completed a training course offered by Citizens, to issue a policy of property and casualty insurance in the FAIR Plan and Coastal Plan that imposes liability upon Citizens. A licensed producer must meet all requirements for binding authority set forth in Regulation 87 and must have applied to and have been authorized by Citizens to qualify for binding authority.
Citizens (when capitalized)-the Louisiana Citizens Property Insurance Corporation, and includes the residual market insurance programs known as the "Coastal Plan" and the "FAIR Plan."
Coastal Plan-the successor to that program established by Act 35 of the 1970 Regular Session to provide a residual market for adequate insurance on property in the coastal areas of the state, now available as a program of Citizens.
Commissioner-the Commissioner of Insurance of the Louisiana Department of Insurance.
Department- the Louisiana Department of Insurance.
E.P.I.C.-the Citizens policy management and claim computer system or its successor.
FAIR Plan-the successor to that program established by Act 424 of the 1992 Regular Session, and designated as the "Fair Access to Insurance Requirements Plan" to provide a residual market for adequate insurance on property in the state, now available as a program of Citizens.
Insurance Producer-a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance, and includes all persons or business entities otherwise referred to in the Louisiana Insurance Code as "insurance agent" or "agent," or "insurance broker" or "broker," or "insurance solicitor" or "solicitor," or "surplus lines broker."
Louisiana Policy Management System (LPMS)- Repealed.
Procedural Error-an error in an insurance application to bind property and casualty coverage with Citizens that does not materially affect the underwriting risk or rise to the level of a material misrepresentation that does not rise to the level of a substantive error.
Producer Subscriber Agreement-a contractual agreement delineating the terms, provisions and conditions permitting insurance producers and/or producer agencies to bind coverage and write property and casualty insurance issued by Citizens through the FAIR Plan and the Coastal Plan.
Substantive Error-an error in an application to bind property and casualty insurance coverage with Citizens that materially affects the underwriting risk or rises to the level of a material misrepresentation.
Unlicensed Employee-a person hired by an insurance producer who performs administrative or clerical duties authorized by such insurance producer relative to an insurance application, but does not possess an insurance producer license and is not authorized to sell, solicit, or negotiate a contract of insurance.
La. Admin. Code tit. 37, § XIII-12107