La. Admin. Code tit. 37 § XIII-12123

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

Section XIII-12123 - Premium Payments Requirements

A. An insurance producer shall submit to Citizens an electronic payment, via the E.P.I.C. system, of the $65 non-refundable application fee in order to receive a coverage confirmation letter. The policyholder, or the producer or mortgage company on behalf of the policyholder, has 14 days from the effective date of the coverage confirmation Letter to submit a minimum payment of 25 percent of the quoted policy premium plus 100 percent of all policy fees and taxes. If the minimum payment is not received by Citizens by the fourteenth day, the quote will expire. The E.P.I.C. system will allow payment electronically with either a credit card or an electronic transfer of funds (ETF). Both methods require a completed Funds Authorization Form to be submitted to Citizens via the E.P.I.C. system.

B. Failure to timely submit a premium to Citizens may result in suspension of binding authority privileges for one year unless reinstated before the expiration of the one year period by Citizens. Additionally, the insurance producer will be referred to the department for further action authorized under the Louisiana Insurance Code. An insurance producer who has been suspended may be authorized to service existing Citizens' business. However, such insurance producer will not be authorized or entitled to bind any new business unless and until reinstated by Citizens.

La. Admin. Code tit. 37, § XIII-12123

Promulgated by the Louisiana Citizens Property Insurance Corporation, LR 33:1874 (September 2007), Amended LR 471531 (10/1/2021).

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:2313 and the Administrative Procedure Act, R.S. 49:950 et seq.