Effective August 1, 2024, Louisiana will be adding additional conditions under which certain persons with prior control over officer/director selection or appointments for an insolvent insurer may be approved to act as an MGA. These conditions will be added for residents and nonresidents.

Unless a person proves that his/her actions or omissions did not significantly contribute to an insurer's insolvency, a person may not act as an MGA in Louisiana if the person:

-Is a former officer, director, or person with direct or indirect control over the selection or appointment of an officer or director of an insurer doing business in Louisiana; and

-Served in that capacity within the 2-year period before the insurer became insolvent.

The Commissioner may approve a person discussed above if at least 5 years have passed since the insurer became insolvent.

Our compliance experts are constantly searching for and analyzing industry updates. Their findings are then recorded in the Regulatory Updates section of the Compliance Library to explain how the update impacts the insurance industry. If a change impacts an AgentSync product, this will be highlighted to inform you that the product is being updated to ensure you remain in compliance.