Louisiana Revised Statutes Tit. 22, § 381. Definitions

(1) “Commissioner” means the commissioner of insurance of the state of Louisiana.

(2) “Property” means all classes of movable or immovable property recognized under the laws of this state.

(3) “Person” means any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation which provides property residual value insurance in this state.

(4) “Property residual value insurer” means any person or organization, whether domestic, foreign, or alien, issuing or attempting to issue property residual value policies as defined herein.

(5) “Property residual value insurance policy” means any contract, agreement, or instrument whereby a person, other than the owner, seller, lessee, or lessor of property, either directly or indirectly, assumes the risk of and/or the expense or portion thereof for the residual value of property, including but not limited to auto-gap insurance.

(6) “Residual value” shall mean the value of property at a specific future time, which value is determined by agreement at the time the contract of lease or sale is entered into.