§364.  Qualifications

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.

Added by Acts 1978, No. 520, §1, eff. July 12, 1978; Redesignated from R.S. 22:1803 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2010, No. 194, §1, eff. June 9, 2010.