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.

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