Stating it has come to his attention that not all insurers are abiding by state law regarding certain insurance policy “producer of record” changes, Louisiana Insurance Commissioner Jim Donelon has issued a directive reminding insurers of their statutory obligations.
According to the Louisiana Department of Insurance, Directive 211 is meant to inform all insurers of their obligation to accept and recognize a change or removal in the producer of record requested in writing by the owner of the policy or the first named insured if there are multiple-named insureds under a particular contract.
Donelon said some insurance carriers, including surplus lines carriers, “have refused to accept a written request for a change or removal in the ‘producer of record’ on insurance policies. When the owner of the policy or the first-named insured requests in writing a change in the producer of record, the insurer shall accept the producer of record letter and make the requested change.”
Бизнес партнерство и бизнес-идеи
The law in question is detailed in La. R.S. 22:1564, according to Donelon’s directive. The directive notes that the producer of record change rule does not apply to:
Otherwise, all insurers, including surplus lines insurers, must comply with the applicable law. Insurers that refuse to accept the written request by the policy owner or the first-named insured may be in violation of state law and subject to regulatory sanctions, the directive states.
Questions regarding Directive 211 may be directed to LDI’s Office of Licensing, the agency said.
Was this article valuable?
Thank you! Please tell us what we can do to improve this article.
Thank you! % of people found this article valuable. Please tell us what you liked about it.
Here are more articles you may enjoy.
$55M J&J Talc-Powder Verdict Tossed by Missouri Appeals Court
Amazon to Buy Online Pharmacy Startup PillPack as Entry Into Health Care
Oklahoma Health Official Says State Is Ready for Medical Marijuana
Employees Find Vacation Benefits Short-Lived, Don’t Offset Stressful Work Culture