reglab/housing_qa huggingface dataset:
LA Rev Stat § 22:403 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§403. Eligibility

RS 403 - Eligibility  No organization, corporation, agency, or program shall be a beneficiary for any trust fund established hereunder unless it is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1954, as amended through December 30, 1985. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2043 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:404 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§404. Limitation

RS 404 - Limitation A. No trust fund established hereunder shall indemnify any beneficiary for property loss, liabilities incurred under the workers' compensation act, or for benefits provided to employees pursuant to any medical, dental, life, or disability income protection plan. B. Nothing in this Section shall prohibit a trust fund established under the provisions of this Subpart by an association comprised of tow truck owners or operators as defined in R.S. 32:1713 et seq., from indemnifying association members for physical damage and collision coverage on motor vehicles owned by association members. Acts 1986, No. 574, §2; Acts 2006, No. 554, §1; Redesignated from R.S. 22:2044 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:405 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§405. Bylaws and plan of operation benefits

RS 405 - Bylaws and plan of operation benefits  Every trust fund shall establish in its bylaws and plan of operation a schedule of benefits, to be approved by the commissioner, governing the indemnification of beneficiaries of the trust. The schedule of benefits shall include all conditions, limitations, and exclusions relevant to indemnification. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2045 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:406 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§406. Written indemnification agreement

RS 406 - Written indemnification agreement  Every trust fund established under this Subpart shall provide each of its beneficiaries with a written indemnification agreement specifying the rights and obligations of the trust fund and the beneficiary under the agreement. Each form of indemnification agreement shall be filed with and approved by the commissioner. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2046 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:407 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§407. Contributions to fund operations

RS 407 - Contributions to fund operations  The trust fund shall establish contributions required of beneficiaries necessary to fund the operations of the fund. All contribution schedules shall be filed with and approved by the commissioner prior to use. Contributions shall be based on sound actuarial principles and be adequate to fund the operation of the trust fund. Contributions may not be excessive in relation to the benefits provided or be unfairly discriminatory. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2047 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:408 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§408. Pooling prohibited

RS 408 - Pooling prohibited  No trust fund shall enter into an agreement with any other trust fund whereby the risks assumed by each are pooled or shared. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2048 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:409 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§409. Board of trustees; terms; removal; meetings; salary

RS 409 - Board of trustees; terms; removal; meetings; salary A. Every trust fund shall be governed by a board of no fewer than five trustees. The initial trustees need not be appointed or elected by the beneficiaries of the trust fund. During the second year following the creation of an authorized trust fund, at least one-fourth of all its trustees in office shall have been elected or appointed by the beneficiaries. After the end of the second year following the creation of an authorized trust fund, a majority of all trustees in office shall have been elected or appointed by the beneficiaries. B. All trustees serving during the first two years following the creation of an authorized trust fund shall be elected or appointed for one-year terms. All trustees serving thereafter shall be elected or appointed for two-year terms, provided that the trustees may be elected or appointed for one-year terms to the extent necessary in order to create staggered terms. C. Any trustee may be removed at any time, with or without cause, by a majority vote of the beneficiaries. D. The board of trustees shall meet at least four times each year. E. No trustee shall be paid a salary or receive other compensation for service as a trustee, except that the bylaws or plan of operation may provide for reimbursement for actual expenses incurred on behalf of the trust fund and for the payment of a reasonable per diem amount for attendance at meetings of the board. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2049 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
LA Rev Stat § 22:410 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§410. Trustees bylaws and plan of operation

RS 410 - Trustees bylaws and plan of operation  The trustees of each trust fund authorized shall cause to be adopted a set of bylaws and plan of operation which shall govern the operation of the trust fund. All bylaws and plans of operation or amendments to them are subject to prior approval by the commissioner. The commissioner shall adopt rules governing the content and approval of bylaws or plans of operation. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2050 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:411 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§411. Annual reported financial statement

RS 411 - Annual reported financial statement  Every authorized trust fund shall, by June first of every year, file with the commissioner a financial statement for the previous year's operations. The financial statement shall include the opinion of a licensed certified public accountant that the statement was prepared in conformity with generally accepted accounting principles. Also by June first of every year, every trust fund shall file with the commissioner, on forms provided by the department, a report summarizing the trust fund's operations during the previous year. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2051 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:412 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§412. Assets

RS 412 - Assets  Every authorized trust fund shall have and maintain financial assets sufficient to satisfy all current and future financial obligations and responsibilities to beneficiaries. The commissioner shall adopt rules establishing minimum financial standards for authorized trust funds. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2052 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:413 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§413. Contracts with risk management service providers

RS 413 - Contracts with risk management service providers Authorized trust funds may enter into contracts with risk management service providers, actuarial consultants, or other vendors as are necessary to ensure the effective and efficient operation of such trust funds. Fees paid to vendors for services provided shall not be excessive. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2053 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
LA Rev Stat § 22:414 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§414. Coinsurance and reinsurance

RS 414 - Coinsurance and reinsurance  Authorized trust funds may insure or reinsure their obligations and liabilities with insurance companies authorized to do business in Louisiana or with companies similarly authorized in any other state of the United States. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2054 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:415 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§415. Cause of action restricted

RS 415 - Cause of action restricted  No beneficiary shall have any cause of action against any other beneficiary arising solely out of the insolvency or inability of the trust fund to meet its obligations. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2055 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:416 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§416. Commissioner's authority to examine

RS 416 - Commissioner's authority to examine  The commissioner may examine authorized trust funds to the same extent and with the same purpose as is provided, with respect to insurance companies. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2056 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:417 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§417. Deposit

RS 417 - Deposit  As a condition of authorization, every trust fund shall deposit with the commissioner security of cash, bonds, or evidences of deposit in a licensed insured financial institution of a value equal to five hundred thousand dollars. In the event that a trust fund fails to honor the obligations assumed by it under trust agreements issued to its beneficiaries, use of the security deposit shall revert to the commissioner for the purpose of executing the trust fund's obligations to its beneficiaries on a pro rata basis. The commissioner may adopt rules governing the manner of the amount of security required and the acceptable forms of security. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2057 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:418 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§418. Administrative rules

RS 418 - Administrative rules  The commissioner may adopt rules to enforce and administer the requirements of this Subpart, according to the provisions of the Administrative Procedure Act. Acts 1986, No. 574, §2; Redesignated from R.S. 22:2058 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:419 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§419. Trust funds not insurance

RS 419 - Trust funds not insurance A trust fund established under this Subpart shall not be considered an insurance company or to be in the business of insurance, nor shall it be subject to regulation by the commissioner, except as provided for in this Subpart and in R.S. 22:977 and 978. Acts 1986, No. 574, §2; Acts 1991, No. 933, §1; Acts 2006, No. 396, §1, eff. Jan. 1, 2007; Redesignated from R.S. 22:2059 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:420 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§420. Creation of trust funds prohibited

RS 420 - Creation of trust funds prohibited No trust fund authorized by this Subpart may be established to operate in this state after twelve noon on October 1, 2010. Acts 2010, No. 415, §1, eff. June 21, 2010.
LA Rev Stat § 22:421 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§421. Redesignated as R.S. 22:1221 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 421 - Redesignated as R.S. 22:1221 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:422 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§422. Redesignated as R.S. 22:1222 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 422 - Redesignated as R.S. 22:1222 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:431 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§431. Purpose; necessity for regulation

RS 431 - Purpose; necessity for regulation This Subpart shall be liberally construed and applied to promote its underlying purposes which include: (1) Protecting persons seeking insurance in this state. (2) Facilitating the placement of surplus lines insurance with reputable and financially sound unauthorized insurers under the provisions of this Subpart. (3) Establishing a system of regulation that permits orderly access to surplus lines insurance in this state and encourages authorized insurers to make new and innovative types of insurance available to consumers in this state. (4) Providing a system through which persons may purchase insurance from approved unauthorized insurers or eligible unauthorized insurers pursuant to this Subpart. (5) Protecting the revenues of this state. (6) Providing a system pursuant to this Subpart that subjects unauthorized insurance activities in this state to the jurisdiction of the commissioner of insurance and state and federal courts in suits by or on behalf of the state. Acts 1997, No. 1340, §1, eff. July 15, 1997; Redesignated from R.S. 22:1248 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2013, No. 203, §1, eff. June 10, 2013. NOTE: Former R.S. 22:431 redesignated as R.S. 22:161 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:432 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§432. Surplus lines insurance; procurement

RS 432 - Surplus lines insurance; procurement  Surplus lines insurance, as defined in R.S. 22:46, may be procured from a surplus lines insurer, as defined in R.S. 22:46, and shall be procured through a licensed surplus lines broker. It may be procured without regard to the availability of coverage from authorized insurers.  Acts 1988, No. 191, §1, eff. July 1, 1988; Acts 2004, No. 466, §1, eff. Jan. 1, 2005; Redesignated from R.S. 22:1257 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2013, No. 203, §1, eff. June 10, 2013; Acts 2015, No. 193, §1. NOTE: Former R.S. 22:432 redesignated as R.S. 22:162 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:433 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§433. Endorsement of contract

RS 433 - Endorsement of contract  A. Each surplus lines insurance policy or contract procured and delivered pursuant to this Subpart shall have the following notice:   NOTICE  This insurance policy is delivered as surplus lines coverage under the Louisiana Insurance Code.  In the event of insolvency of the company issuing this contract, the policyholder or claimant is not covered by the Louisiana Insurance Guaranty Association or the Louisiana Life and Health Insurance Guaranty Association, which guarantees only specific types of policies issued by insurance companies authorized to do business in Louisiana.  This surplus lines policy has been procured by the following licensed Louisiana surplus lines broker:   Signature of Licensed Louisiana Surplus Lines Broker  or Authorized Representative   Printed Name of Licensed Louisiana Surplus Lines Broker  B. The notice required pursuant to Subsection A of this Section shall be:  (1) Prominently displayed in the color red or prominently offset by a black border.  (2) Printed or stamped on the policy or contract in bold and in not less than ten-point type.  (3) Signed by the surplus lines broker who procured the policy or contract.  Acts 1958, No. 125. Amended by Acts 1958, No. 291, §1; Acts 1972, No. 241, §1; Acts 1999, No. 868, §1; Acts 2004, No. 466, §1, eff. Jan. 1, 2005; Redesignated from R.S. 22:1258 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2013, No. 203, §1, eff. June 10, 2013; Acts 2018, No. 7, §1, eff. Jan. 1, 2019. NOTE: Former R.S. 22:433 redesignated as R.S. 22:163 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:434 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§434. Surplus lines insurance valid

RS 434 - Surplus lines insurance valid  Insurance contracts procured as surplus lines coverage in accordance with this Subpart shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by authorized insurers.  Acts 1958, No. 125; Acts 2004, No. 466, §1, eff. Jan. 1, 2005; Redesignated from R.S. 22:1259 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2015, No. 193, §1. NOTE: Former R.S. 22:434 redesignated as R.S. 22:164 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:436.1 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§436.1. Domestic surplus lines insurer

RS 436.1 - Domestic surplus lines insurer  A. The commissioner may designate a domestic insurer as a domestic surplus lines insurer upon its application, which shall include, as a minimum, an authorizing resolution of the board of directors and evidence to the commissioner's satisfaction that the insurer has capital and surplus of not less than fifteen million dollars. The commissioner shall not approve an application until all outstanding fees and assessments owed pursuant to this Title are paid in full or satisfaction arrangements for their payment are established with the commissioner.  B. A domestic surplus lines insurer shall:  (1) Be limited in its authority in this state to providing surplus lines insurance.  (2) Be authorized to write any type of insurance in this state that may be placed with a surplus lines insurer pursuant to this Subpart.  (3) Be subject to the requirements of this Title applicable to domestic insurers except as follows:  (a) Part IV of Chapter 3 of this Title relative to taxes and exemptions.  (b) Subpart O of Part IV of Chapter 4 of this Title relative to ratemaking procedures and organizations except as required pursuant to R.S. 22:1456(B)(2) relative to public carrier vehicles.  (c) Chapter 10 of this Title relative to guaranty funds.  (4) Report to the commissioner all surplus lines business placed in this state in the manner required of an approved unauthorized insurer.  C. A domestic surplus lines insurer may write insurance in other jurisdictions with the approval of the commissioner.  Acts 2015, No. 193, §1.
LA Rev Stat § 22:437 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§437. Records of surplus lines broker

RS 437 - Records of surplus lines broker  A. Each licensed surplus lines broker shall keep a full and true record of each surplus line contract, procured by him including a copy of the daily report, if any, showing such of the following items as may be applicable:  (1) Amount of the insurance.  (2) Gross premiums charged.  (3) Return premium paid, if any.  (4) Rate of premium charged upon the several items of property.  (5) Effective date of the contract, and the terms thereof.  (6) Name and address of the insurer.  (7) Name and address of the insured.  (8) Brief general description of property insured and where located.  (9) Other information as may be required by the commissioner of insurance, including but not limited to the address of the workers' compensation claims office established by the insurer pursuant to R.S. 23:1161.1 and the name and address of the person authorized by the insurer to settle workers' compensation claims through such office or of the licensed claims adjuster retained by the insurer.  B. The record shall at all times be open to examination by the commissioner of insurance and whenever an examination shall be made by him of a surplus lines broker, such examination shall be in compliance with and pursuant to the provisions of Chapter 8 of this Title, R.S. 22:1981 et seq., insofar as the provisions of that Chapter are applicable to such examination.  Acts 1958, No. 125; Acts 1990, No. 885, §1; Acts 2004, No. 466, §1, eff. Jan. 1, 2005; Redesignated from R.S. 22:1263 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1. NOTE: Former R.S. 22:437 redesignated as R.S. 22:166 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:438 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§438. Acknowledgment of applicant for insurance

RS 438 - Acknowledgment of applicant for insurance  A. Any licensed surplus lines broker that procures a personal lines policy with a surplus lines insurer shall obtain from the applicant for insurance no later than the date of binding coverage, an acknowledgment on a standardized form promulgated by the commissioner of insurance which shall be maintained by the licensed surplus lines broker. The acknowledgment shall verify that:  (1) The applicant for insurance was expressly advised prior to placement of the surplus lines insurance.  (2) The insurance may be placed with a surplus lines insurer.  (3) In the event of insolvency of the insurer, losses shall not be paid by the Louisiana Insurance Guaranty Association or the Louisiana Life and Health Insurance Guaranty Association.  (4) The applicant for insurance expressly authorizes the procurement of surplus lines insurance coverage.  (5) The coverage is being procured through a duly licensed surplus lines broker.  B. As long as the personal lines policy continues to be renewed by the same surplus lines insurer, there shall not be a need for new acknowledgments at each renewal. At renewal, if the personal lines policy is placed with a different surplus lines insurer, then a new acknowledgment shall be obtained in the manner outlined in Subsection A of this Section.  Acts 1993, No. 126, §1; Acts 1999, No. 868, §1; Redesignated from R.S. 22:1263.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2013, No. 203, §1, eff. June 10, 2013; Acts 2015, No. 193, §1; Acts 2018, No. 7, §1, eff. Jan. 1, 2019. NOTE: Former R.S. 22:438 redesignated as R.S. 22:167 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
LA Rev Stat § 22:440 (2021)
2021 Louisiana Laws|Revised Statutes|Title 22 - Insurance|§440. Penalty for failure to file report or remit tax

RS 440 - Penalty for failure to file report or remit tax  A. In case of any failure to make a report required or to make payment of the tax imposed by R.S. 22:439, a penalty of ten percent of the amount of tax due shall be paid to the commissioner with the tax due.  B. The commissioner may waive the payment of the penalty if all of the following occur:  (1) There is satisfactory evidence to show that the failure to report or pay pursuant to R.S. 22:439 was due to an unforeseen or unavoidable reason other than mere neglect.  (2) The delinquency is for no more than thirty days after the due date of the report required by or for the payment of the tax imposed by R.S. 22:439.  C. After the lapse of thirty days, until the report is filed and the delinquent tax paid, the commissioner may suspend or revoke the license of the delinquent surplus lines broker to do business in this state.  D. Any penalty collected by the commissioner pursuant to this Section shall be paid to the state treasurer and credited to the general fund.  Acts 1958, No. 125. Amended by Acts 1966, No. 176, §1; Redesignated from R.S. 22:1266 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2021, No. 32, §1, eff. July 1, 2021. NOTE: Former R.S. 22:440 redesignated as R.S. 22:169 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.