This bill amends and reenacts several sections of Louisiana's insurance law, specifically focusing on the regulation of managing general agents (MGAs). Key changes include the requirement that no person may act as an MGA unless they are a licensed producer in the state, and it introduces new provisions regarding the financial responsibilities and reporting obligations of MGAs. For instance, MGAs must now submit quarterly account reports to insurers detailing premiums, losses, and management fees, and they are required to notify the Department of Insurance within thirty days of certain financial thresholds being met, such as outstanding balances due to insurers.

Additionally, the bill establishes new examination and reporting requirements for MGAs, allowing the commissioner to conduct financial examinations and requiring MGAs to cover the associated costs. It also includes provisions for the commissioner to adopt rules and regulations to implement these changes effectively. Overall, the bill aims to enhance oversight and accountability of MGAs in Louisiana's insurance market, ensuring better financial management and protection for insurers and policyholders.

Statutes affected:
HB672 Original:
HB672 Engrossed:
HB672 Reengrossed: 22:1625(A)
HB672 Enrolled: 22:1625(A)
HB672 Act : 22:1625(A)