§384.  Qualifications

The commissioner shall not license a property residual value 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. 22:385.

(4)  Applicant shall be in compliance with and continue to be in compliance with all applicable laws.

Added by Acts 1981, No. 472, §1, eff. July 19, 1981; Redesignated from R.S. 22:1903 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.