La. Admin. Code tit. 37 § XI-1707

Current through Register Vol. 50, No. 11, November 20, 2024

Section XI-1707 - Qualifications

A. Evidence must be submitted to the Commissioner of Insurance that the applicant is a solvent corporation, incorporated under the laws of Louisiana, or another state, district, territory or possession of the United States of America. That evidence must be submitted as required by Form VMB-1 furnished by the Commissioner of Insurance and must be to his satisfaction.

B. The applicant shall furnish such proof as necessary to the commissioner that the directors and management of the company are competent and trustworthy and are capable of successfully managing its affairs in compliance with law. That information shall be submitted on form VMB-2 which is furnished by the commissioner.

C. The applicant shall make the deposit required by Louisiana R.S. 22:1804. Should the applicant furnish a surety bond, it shall be in the style of Form VMB-4 which is furnished by the commissioner. Such bond must be written by a company that is lawfully authorized to transact surety insurance in this state.

D. The applicant must complete and file form VMB-5, "Consent to Service and Appointment of Registered, Resident Agent" with the commissioner. The commissioner shall provide the applicable forms.

E. No applicant shall be licensed unless it maintains reserves as required by §1709 of this rule.

F. Upon meeting these requirements to the satisfaction of the commissioner, a certificate of authority to do business in this state will be issued.

La. Admin. Code tit. 37, § XI-1707

Promulgated by the Department of Insurance, Commissioner of Insurance, LR 7:340 (July 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:2 and Act 520 of the 1978 Regular Session of the Louisiana Legislature.