Louisiana Bail Bonds Practice Exam

What does DOI track for every licensed insurance producer?

1. Only the business address

2. Mailing, Resident, and Business addresses

3. Only the resident and mailing addresses

4. Only the licenses of producers

The correct answer is: Mailing, Resident, and Business addresses

The Department of Insurance (DOI) tracks multiple addresses for every licensed insurance producer to ensure accurate communication and maintain effective oversight of the producers. This includes the mailing address, which is essential for sending important documents related to licensing and compliance. The resident address is crucial to determine the primary location where the producer conducts business and to establish jurisdiction for regulatory purposes. Lastly, the business address provides a physical location where clients and consumers can find and interact with the producer. Having a comprehensive record of all these addresses helps the DOI safeguard the integrity of the insurance system, enabling them to promptly reach licensed producers when needed, while also providing valuable information for consumers seeking to validate a producer's credentials. This thorough tracking mechanism supports the overall regulatory framework within which licensed insurance producers operate.