La. Admin. Code tit. 37 § XIII-14901

Current through Register Vol. 50, No. 9, September 20, 2024

Section XIII-14901 - Purpose

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.

La. Admin. Code tit. 37, § XIII-14901

Promulgated by the Department of Insurance, Office of the Commissioner, LR 442009 (11/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:1964 and the Administrative Procedure Act, R.S. 49:950 et seq.