Louisiana State Insurance Laws (P&C Exam) Questions and Correct Answers

A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". Individual producer A person applying for a producer license must: -atleast 18 years old -Reside, or maintain their place of business in LA -Not committed any act that would is grounds for license denial, suspension, or revocation. -completed a prelicensing course of study & pass the exam -paid all of the appropriate fees -has the commissioner's written consent, if required by any statute regulating crimes affecting persons engaged in the business of insurance whose activities affect interstate commerce. A ***** is a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Business entity A **** acting as a producer must obtain a producer license. Business entity Business Entity: Every member, partner, officer, and director of a resident business entity must register with the department of insurance under the business entity's license. Any person who controls directly or indirectly 10% or more of a producer business entity must also register with the department of insurance under the business entity's license. If there is any change of status of an individual who is registered under the business entity license, the business entity licensee must notify the commissioner within **** days. 30 days A non-resident business entity must provide to the commissioner upon request, the name of every member, partner, officer, director, and person who controls directly of indirectly ****% or more of the nonresident business entity. 10% A licensed business entity operating at multiple locations must notify the commissioner ..... within 30 days whenever a new location opens. Before approving the application, the commissioner must find that the entity has: -paid all appropriate fees