La. Admin. Code tit. 37 § XIII-14911

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

Section XIII-14911 - Duties of Insurers and Producers

A. An application form submitted by an insurer or his producer for a limited benefits policy shall include a question designed to elicit information as to whether the insurance to be issued is intended to replace any other limited benefit insurance policy presently in force.

1. If the applicant indicates that there are no existing policies to be replaced, then the producers and insurers duties with respect to replacement are complete.

2. If the applicant indicates that there are existing policies, the producer shall present to the applicant, not later than at the time of taking the application, a notice regarding replacements in the form notice as described in Appendix A or such other form notice provided by the insurer and approved by the Commissioner of Insurance. The notice shall be signed by the applicant attesting that the notice has been received by the applicant and that the applicant understands that he/she is replacing an existing policy.

3. Notwithstanding Paragraph A.2 of this Section, when the sales presentation is conducted by electronic means and all signatures are obtained via electronic signature technology, the meaning of "at the time of taking the application" shall be extended to allow for the producers submission of electronic information to the insurer. The requirements of Paragraph A.2 of this Section are deemed met when a copy of the required replacement notice electronically signed at the presentation is provided to the applicant within five business days following submission of the policy or contract of insurance to the insurer. The notice may be provided to the applicant by electronic means exclusively only if the applicant has chosen the option to receive it exclusively by electronic means. In no event shall the time for providing the notice exceed seven business days from the date the applicant signed the application.

B. In connection with a replacement transaction, the producer shall submit to the insurer to which an application for a policy is presented, a copy of each document required by this Section.

La. Admin. Code tit. 37, § XIII-14911

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.