A. The commissioner shall not license a vehicle mechanical breakdown insurer unless all of the following conditions are met: (1) Applicant shall be solvent. (2) Applicant shall furnish such proof as necessary to the commissioner that the directors and management of the company are competent and trustworthy and are capable of successfully managing its affairs in compliance with law. (3) Applicant shall make the deposit or file such surety as required by R.S. 22:365, and (4) Applicant shall be in compliance with and continue to be in compliance with all applicable laws. B. The requirement for licensure shall not apply to tire and wheel coverage sold as a part of a service package in concert with the sale of one or more tires or one or more wheels.
‹ Prev All Louisiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.