Louisiana Title Producers - Don't forget!
Send in your affidavit to the LDI before December 31.
As you may know, the Louisiana Legislature passed in the 2020 Resgular Session Act No. 310 which provides for qualifications and licensing of title insurers. Among the new provisions are that an agency title insurance producer, "Shall be a Louisiana entity whose principal place of business is physically located in this state, or a foreign entity registered to do business in this state whose principal place of business within Louisiana is suitable for conducting the business of title insurance and real estate closing," and that the agency title producer and its individual title producers, "... shall not have had an agency producer license, or its equivalent or an individual producer license, or its equivalent, suspended, revoked, or refused in any other state, province, district, or territory."
According to Advisory Letter 2020-04 from the Louisiana Department of Insurance, as part of Act No. 310 of the 2020 Regular Session of the Louisiana Legislature, any business entity licensed as a resident agency producer is required to submit an "Affidavit of Resident Title Agency Producer". There is no due date given. Since the Act is effective January 1, 2021, it's probably a good idea to get that in by December 31st, 2020.
There's also no penalty listed for failure of a resident agency producer to comply, but I don't think we can count on that being the case. If the penalty for non-compliance is the same as non-resident producers, then failure to do so will result in cancellation. At that point you would have a six month window to re-apply and may be subject to the new qualification requirements.
I've replied to the LDI with these two questions. I will update everything when(if) I hear back from them.
You can find the Advisory Letter and Affidavit at the Louisiana Department of Insurance HERE.
The text of Act 310 of the 2020 Regular Session can be found HERE.