A trade name is any name other than the legal name used by a producer or a business entity to advertise, solicit or transact business. Trade names cannot include terms such as “Inc” “Corp.”, “Limited”, “LLC” or any other phrase that is required to be part of the name of a corporation.
Louisiana law (La. R.S. 22:1552) requires that an insurance producer doing business under any name other than the producer’s legal name is required to notify the Commissioner of Insurance prior to using that assumed name.
While the Louisiana Insurance Code is silent on the use of assumed names by insurance adjusters, the provisions of the Louisiana law governing trade names (La. R.S. 51:213) will still apply and the Department will not add a trade name to an adjuster license without compliance with those laws.
The process for adding a trade name to an insurance producer or adjuster license will depend upon the type of license held and whether the licensee is a resident or a nonresident.
A Louisiana resident producer or adjuster may add a trade name to a license by completing the following steps:
- Register the trade name with the Louisiana Secretary of State. You may contact the Louisiana Secretary of State Office at (225) 925-4704 to obtain the forms necessary for that registration. You may also submit the application electronically on the Louisiana Secretary of State web site.
- Complete and submit the Change of Record Form (COR-1), the original license card and a check or money order for $15.00 for a new license card to the Louisiana Department of Insurance.
A nonresident producer or adjuster may add a trade name to a license by taking the following steps:
- Take the appropriate steps in the state of residence to add the trade name to their license.
- Complete and submit the Change of Record Form (COR-1), to the Louisiana Department of Insurance.
A nonresident producer or adjuster who wishes to use a trade name in Louisiana only and who does not wish to register that trade name in the state of residence may add a trade name to the Louisiana license by following the same steps required of a Louisiana resident licensee to add a trade name.