In addition to all other requirements of the Uniform Certificate of Authority (UCAA) Expansion Application, an applicant must also submit the following in association with an application for a Certificate of Authority in Louisiana.
- Third party verification reports for all persons for whom biographical affidavits are supplied. The reports must be prepared by one of the firms included on the list made available by the National Association of Insurance Commissioner for the Uniform Certificate of Authority Application. You may view a copy of this list by clicking here. The applicant should advise the investigator that the reports are being prepared for the Louisiana Department of Insurance and make the necessary arrangements for payment. See the information below regarding waiver of this requirement.
A safekeeping or trust receipt from a bank doing business within the state or from a savings and loan association chartered to do business in this state verifying that the applicant has deposited one hundred thousand dollars ($100,000.00) in money or acceptable bonds (Acceptable bonds are defined as bonds issued by the United States Government or the State of Louisiana or any political subdivision of the State of Louisiana.) with that institution and pledged said deposit to the Commissioner of Insurance. The banks have the necessary pledge forms. Do not contact this Office to request one.
A Certificate of Deposit from the domiciliary state confirming that the applicant has deposited a minimum of five hundred thousand dollars ($500,000.00) with the domiciliary state for the protection of all policy holders.
Fees in the amount of $2,525.00. All checks should be made payable to the Louisiana Department of Insurance and the LDI may convert your payments by check to an electronic Automated Clearinghouse (ACH) debit transaction. This means that your account may be debited the day your check is received by the LDI. Although the debit transaction will appear on your bank statement, your check will not be returned to your bank. If the electronic fund transfer cannot be processed for technical reasons, you authorize us to process the copy of your check.
WAIVER OF INVESTIGATIVE REPORTS
In certain cases the third party verification report may be waived for specific individuals. The requirements for this waiver are as follows:
- A third party verification report has been completed and submitted to the LDI for the individual within one year previous to the date of submittal of the complete application packet. OR
- The individual in question has been the officer or director of an insurer licensed to do business in Louisiana for a period of not less than 10 years. This exception will not apply when the company has undergone a change of control at any time in that 10 year period.
ELECTRONIC SUBMISSION OF APPLICATION
If the application is submitted electronically using the National Association of Insurance Commissioner Uniform Certificate of Authority electronic submission process or via email to firstname.lastname@example.org, the only “hard copy” filing requirements for the application would be for the payment of the application fee. There is no need to submit any other portion of the application hard copy if a complete application is filed electronically. However, on all imaged documents that require notarization or certification , the notarization or certification seal must be clearly visible on the image.