RS 22:362 License required of vehicle mechanical breakdown insurer - Louisiana Statutes

§362.  License required of vehicle mechanical breakdown insurer

A.  No person shall act as or attempt to act as a vehicle mechanical breakdown insurer unless licensed to do so by the commissioner.  Each application shall be submitted to the commissioner along with the fee for said license in the amount of one thousand five hundred dollars.  Licenses shall be renewed annually upon payment of a fee of one thousand five hundred dollars, due on January first of each year and which shall be paid no later than March fifteenth of the year in which due.

B.  Each vehicle mechanical breakdown insurer may also act as a reinsurer in accordance with regulations adopted by the commissioner.  All reserves for credit disability insurance shall be retained and held by the credit disability insurer.

Added by Acts 1978, No. 520, §1, eff. July 12, 1978.  Acts 1986, No. 848, §1; Redesignated from R.S. 22:1801 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.