reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.12. Suspension or revocation of certificate of authority; hearings

RS 22:550.12 - Suspension or revocation of certificate of authority; hearings
A. The commissioner may refuse, suspend, or revoke the certificate of authority of a captive insurer if, after an examination, the commissioner determines that the captive insurer satisfies any one of the following items:
(1) Is insolvent or has impaired its required capital or surplus.
(2) Is in such condition that its further transaction of business in this state would be hazardous to the policyholders, creditors, or the public.
(3) Has failed to meet a requirement of R.S. 22:550.10.
(4) Has refused or failed to submit an annual report, as required by R.S. 22:550.21, or any other report or statement required by law or by order of the commissioner.
(5) Has failed to comply with the provisions of its charter or bylaws.
(6) Has failed to submit to an examination, or has refused or failed to pay the cost of an examination required pursuant to R.S. 22:550.22.
(7) Has used any method in transacting the business of insurance pursuant to this Subpart which is detrimental to the operation of the captive insurer or would make its condition unsound with respect to its policyholders or the general public.
(8) Has failed otherwise to comply with the laws of this state.
(9) The suspension or revocation of the certificate of authority of the captive insurer is in the best interest of its policyholders or the general public.
B. No captive insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the captive insurer is otherwise fully qualified.
C. An aggrieved party affected by the commissioner's decision, act, or order may demand a hearing in accordance with Chapter 12 of this Title, R.S. 22:2191 et seq.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Redesignated by Acts 2009, No. 503, §3; Acts 2012, No. 633, §1; Acts 2022, No. 185, §1.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.14. Meetings of board of directors; additional requirements to transact insurance

RS 22:550.14 - Meetings of board of directors; additional requirements to transact insurance
A. The board of directors of a captive insurer shall meet in accordance with the following standards:
(1) For an association captive insurer, at least quarterly each year.
(2) For a pure captive insurer, at least annually.
B. The captive insurer shall maintain its principal place of business in this state, maintain its books and records in accordance with R.S. 22:68, and shall deliver to the commissioner an instrument authorizing service of process.
C. Prior to transacting insurance in this state, a captive insurer shall comply with all of the following items:
(1) Make adequate arrangements with a bank located in this state that is authorized pursuant to state or federal law to transfer money.
(2) Employ or enter into a contract with a natural person or business organization to manage the affairs of the captive insurer that meets the standards of competence and experience satisfactory to the commissioner.
(3) Employ or enter into a contract with a qualified and experienced certified public accountant that is approved by the commissioner or a firm of certified public accountants that is nationally recognized.
(4) Employ or enter into a contract with qualified, experienced actuaries who are approved by the commissioner to perform reviews and evaluations of the operations of the captive insurer.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3; Acts 2022, No. 26, §1.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.15. Payment of dividends

RS 22:550.15 - Payment of dividends
A captive insurer shall not pay dividends out of, or make any other distribution with respect to, its capital or surplus, or both unless the captive insurer has obtained the prior approval of the commissioner to make such a payment or distribution.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.16. Investments; loan to parent or affiliated company in certain circumstances

RS 22:550.16 - Investments; loan to parent or affiliated company in certain circumstances
A. Except as otherwise provided in this Section, an association captive insurer shall comply with the requirements relating to investments set forth in Subpart B of Part III of Chapter 2 of this Title.
B. A pure captive insurer is not subject to any restrictions on allowable investments, except that the commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the pure captive insurer.
C. A pure captive insurer may make a loan to its parent or affiliated company if the loan meets each of the following requirements:
(1) The loan is first approved in writing by the commissioner.
(2) The loan is evidenced by a note that is in a form approved by the commissioner.
(3) The loan does not include any money that has been set aside as capital or surplus as required by R.S. 22:550.10.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3; Acts 2012, No. 633, §1.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.17. Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers' compensation deemed reinsurance in certain circumstances

RS 22:550.17 - Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers' compensation deemed reinsurance in certain circumstances
A. No captive insurer may provide reinsurance on risks ceded by any other insurer without prior written approval of the commissioner.
B. A captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer that is in compliance with Subpart E of Part III of Chapter 2 of this Title.
C. Subject to the approval of the commissioner, a captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer, or to a pool, an exchange, or an association acting as a reinsurer, that does not comply with the requirements of Subsection B of this Section. The commissioner may require such documents, financial information or other evidence as he determines necessary to show that such reinsurer, pool, exchange, or association will be able to provide adequate security for its financial obligations. The commissioner may deny authorization or impose any limitations on the activities of such reinsurer, pool, exchange, or association that, in his judgment, are necessary and proper to provide adequate security for the ceding captive insurer and for the protection and benefit of the general public.
D. For the purposes of this Subpart, insurance provided by a captive insurer of any plan for workers' compensation of its parent and affiliated companies which is certified or otherwise qualified in the state in which the insurance is provided as a self-insurance plan shall be deemed to be reinsurance.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated byActs 2009, No. 503, §3; Acts 2013, No. 23, §1, eff. May 23, 2013.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.18. Captive insurer prohibited from joining or contributing to risk-sharing plan, risk pool or insurance insolvency guaranty fund

RS 22:550.18 - Captive insurer prohibited from joining or contributing to risk-sharing plan, risk pool or insurance insolvency guaranty fund
A. A captive insurer shall not join or contribute financially to any risk-sharing plan, risk pool or insurance insolvency guaranty fund in this state. A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall not receive any benefit from such a plan, pool or fund for claims arising out of the operations of the captive insurer.
B. Any policy issued by an association captive insurer shall contain in at least twelve-point boldface capital letters on the front page and the declaration page, the following notice:
"NOTICE
THIS POLICY IS ISSUED BY A CAPTIVE INSURER. YOUR CAPTIVE INSURER MAY NOT BE SUBJECT TO ALL OF THE INSURANCE LAWS AND REGULATIONS OF YOUR STATE. STATE INSURANCE INSOLVENCY GUARANTY FUNDS ARE NOT AVAILABLE FOR YOUR CAPTIVE INSURER."
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.19. Prohibited acts regarding solicitation or sale

RS 22:550.19 - Prohibited acts regarding solicitation or sale
The following acts by a captive insurer are hereby prohibited:
(1) The solicitation or sale of insurance by an association captive insurer to any person who is not eligible for membership in such association.
(2) The solicitation or sale of insurance by, or operation of, a captive insurer that is in a hazardous financial condition or is financially impaired.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.20. Prohibition on ownership by an insurance company

RS 22:550.20 - Prohibition on ownership by an insurance company
No captive insurer shall be allowed to do business in this state if an insurance company is directly or indirectly a member or owner of such captive insurer, other than in the case of a captive insurer all of whose members are insurance companies.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.21. Annual report of financial condition to commissioner; regulations designating form; alternative date to file annual report

RS 22:550.21 - Annual report of financial condition to commissioner; regulations designating form; alternative date to file annual report
Every captive insurer licensed in this state shall file each of the following with the department:
(1) Annually on or before March first, a statement of its financial condition for the year ending December thirty-first immediately preceding, and any amendment to the plan of operation at last year-end, verified by the oath of at least two of its executive officers. The statement shall be in the form prescribed by the commissioner.
(2) Annually on or before June thirtieth, an audited statement of the captive insurer's financial condition prepared in accordance with generally accepted accounting principles in the United States for the year ending December thirty-first immediately preceding, which shall include all of the following:
(a) Report of independent certified public accountant.
(b) Balance sheet.
(c) Income statement.
(d) Statement of cash flows.
(e) Statement of changes in capital and surplus.
(f) Notes to financial statements.
(g) Report of evaluation of internal controls.
(h) Accountant's letter.
(3) An annual actuarial certification of loss reserves and loss expense reserves which includes an opinion of the adequacy of the loss reserves and loss expense reserves of the captive insurer, in a format acceptable to the commissioner. The person that certifies the reserves shall be approved by the commissioner and shall be a qualified actuary as defined in the National Association of Insurance Commissioners Quarterly and Annual Statement Instructions—Property/Casualty.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3; Acts 2021, No. 370, §1.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.22. Examination by commissioner

RS 22:550.22 - Examination by commissioner
The commissioner shall cause an examination of each captive insurer under the provisions of Chapter 8 of this Title.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.23. Taxes on premiums and assessments

RS 22:550.23 - Taxes on premiums and assessments
A captive insurer shall be subject to taxation at the same rate and subject to the same interest, fines, and penalties for nonpayment as that applicable to domestic insurers under Chapter 8 of this Title. A captive insurer shall be subject to assessments of the Louisiana Citizens Property Insurance Corporation under Part I of Chapter 15 of this Title.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.24. Rates

RS 22:550.24 - Rates
Each association captive insurer shall file rates on an actuarially justified basis with the department and may use the rates forty-five days after filing, unless the department disapproves the use of rates within the forty-five day period.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.25. Policy forms

RS 22:550.25 - Policy forms
A. No policy form shall be issued, delivered or used by an association captive insurer unless it has been filed with and approved by the commissioner.
B. Every such filing shall be made not less than forty-five days in advance of any such issuance, delivery, or use. At the expiration of forty-five days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the commissioner of insurance. The commissioner of insurance may extend by not more than an additional fifteen days the period within which he may so affirmatively approve or disapprove any such form, by giving notice of such extension before expiration of the initial forty-five day period. At the expiration of any such period as so extended, and in the absence of such prior affirmative approval or disapproval, any such form shall be deemed approved. The commissioner of insurance may withdraw any such approval at any time for cause. Approval of any such form by the commissioner of insurance shall constitute a waiver of any unexpired portion of such initial fifteen-day waiting period.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:550.26. Conflict of interest

RS 22:550.26 - Conflict of interest
Each captive insurer shall adopt a conflict of interest policy whereby officers, directors and key personnel annually file a conflict of interest disclosure statement with the Board of Directors.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:551. Title

RS 22:551 - Title
This Part shall be known and may be cited as the "Business Transacted with Producer Controlled Insurer Law".
Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former R.S. 22:551 redesignated as R.S. 22:291 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:552. Definitions

RS 22:552 - Definitions
As used in this Part, the following terms shall have the respective meanings hereinafter set forth, unless the context shall otherwise require:
(1) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.
(2) "Control" or "controlled" has the meaning as defined in R.S. 22:691.2.
(3) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.
(4) "Controlling producer" means a producer who, directly or indirectly, controls an insurer.
(5) "Licensed insurer" or "insurer" means any person, firm, association, or corporation licensed to transact property and casualty insurance business in this state. The following are not licensed insurers for the purposes of this Part:
(a) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. 3901 et seq. (1982 & Supp. 1986) and the Risk Retention Group Law (R.S. 22:481 et seq.).
(b) All residual market pools and joint underwriting authorities or associations.
(c) All insurers owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates.
(6) "Producer" means an insurance producer as defined in R.S. 22:1542.
Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.2 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2016, No. 6, §1.
NOTE: Former R.S. 22:552 redesignated as R.S. 22:292 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:553. Applicability

RS 22:553 - Applicability
This Part shall apply to licensed insurers as defined in R.S. 22:552, either domiciled in this state or domiciled in a state that is not an accredited state having in effect a law substantially similar to this Part. All provisions of the Insurance Holding Company System Regulatory Law, R.S. 22:691.1 et seq., to the extent they are not superseded by this Part, shall continue to apply to all parties within holding company systems subject to this Part.
Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.3 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2022, No. 161, §1.
NOTE: Former R.S. 22:553 redesignated as R.S. 22:293 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:555. Disclosure

RS 22:555 - Disclosure
The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling producer and the controlled insurer; except that, if the business is placed through another producer, who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from the other producer that such producer is aware of the relationship between the insurer and the controlling producer and that such producer has or will notify the insured.
Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.5 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former R.S. 22:555 redesignated as R.S. 22:295 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:556. Penalties

RS 22:556 - Penalties
A. If the commissioner believes that the controlling producer, or any other person, has not materially complied with this Part, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer.
B. If it is found that, because the controlling producer or any other person has not materially complied with this Part, the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages, for the benefit of the insurer or policyholder, or other appropriate relief.
C. If an order for liquidation or rehabilitation of the controlled insurer has been entered and the receiver appointed pursuant to that order believes that the controlling producer or any other person has not materially complied with this Part, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
D. Nothing contained in this Section shall affect the right of the commissioner to impose any additional penalties provided in this Code.
E. Nothing contained in this Section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties.
Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.6 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former R.S. 22:556 redesignated as R.S. 22:296 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:557. Redesignated as R.S. 22:297 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:557 - Redesignated as R.S. 22:297 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:558. Redesignated as R.S. 22:298 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:558 - Redesignated as R.S. 22:298 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:559. Redesignated as R.S. 22:299 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:559 - Redesignated as R.S. 22:299 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:560. Redesignated as R.S. 22:300 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:560 - Redesignated as R.S. 22:300 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:561. Redesignated as R.S. 22:301 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:561 - Redesignated as R.S. 22:301 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:562. Redesignated as R.S. 22:302 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:562 - Redesignated as R.S. 22:302 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:563. Redesignated as R.S. 22:303 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:563 - Redesignated as R.S. 22:303 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:564. Redesignated as R.S. 22:304 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:564 - Redesignated as R.S. 22:304 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:565. Redesignated as R.S. 22:305 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:565 - Redesignated as R.S. 22:305 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:566. Redesignated as R.S. 22:306 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:566 - Redesignated as R.S. 22:306 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:567. Redesignated as R.S. 22:307 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:567 - Redesignated as R.S. 22:307 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:568. Redesignated as R.S. 22:308 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:568 - Redesignated as R.S. 22:308 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:569. Redesignated as R.S. 22:309 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:569 - Redesignated as R.S. 22:309 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:570. Redesignated as R.S. 22:310 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:570 - Redesignated as R.S. 22:310 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:572.1. Insurance anti-fraud plan

RS 22:572.1 - Insurance anti-fraud plan
A. Each authorized insurer, other than a "small company" as defined in R.S. 22:46, and each health maintenance organization licensed to operate in this state shall prepare, implement, maintain, and file with the commissioner an insurance anti-fraud plan for its operations in this state.
B. The insurance anti-fraud plan required by Subsection A of this Section shall outline specific procedures, actions, and safeguards that include how the authorized insurer or health maintenance organization will do each of the following:
(1) Detect, investigate, and prevent all forms of insurance fraud, including fraud involving its employees or agents; fraud resulting from misrepresentations in the application, renewal, or rating of insurance policies; fraudulent claims; and breach of security of its data processing systems.
(2) Educate employees on fraud detection and the insurance anti-fraud plan.
(3) Provide for fraud investigations, whether through the use of internal fraud investigators or third-party contractors.
(4) Report a suspected fraudulent insurance act, as defined by R.S. 22:1923(2), to the Department of Insurance as well as law enforcement and other regulatory authorities engaged in the investigation and prosecution of insurance fraud.
(5) Pursue restitution for financial loss caused by insurance fraud.
C. The commissioner shall review the insurance anti-fraud plan submitted pursuant to Subsection A of this Section to determine compliance with the requirements of this Section.
D. The commissioner may investigate and examine the records and operations of authorized insurers and health maintenance organizations to determine if they have implemented and complied with the insurance anti-fraud plan.
E. The commissioner may direct any modification to the insurance anti-fraud plan necessary to comply with the requirements of this Section, and the commissioner may require action to remedy substantial noncompliance with the insurance anti-fraud plan.
F. The insurance anti-fraud plan and any summary report shall be filed with the commissioner on or before April first of each calendar year. Either on a calendar year basis or such other interval the commissioner deems appropriate, the commissioner may require that each authorized insurer and each health maintenance organization file a summary report of any material change to the insurance anti-fraud plan, including the total number of claims and the number of claims referred to the commissioner as suspicious, and the commissioner may prescribe the format of the summary report.
G. The insurance anti-fraud plan and any summary report required by this Section are not public records and are exempt pursuant to R.S. 44:1 et seq., and specifically R.S. 44:4.1(B)(11), shall be and are hereby declared to be proprietary and confidential business records not subject to public examination or subpoena.
Acts 2010, No. 688, §1, eff. Jan. 1, 2011; Acts 2014, No. 121, §1.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:573. Limits of risks assumed

RS 22:573 - Limits of risks assumed
No property and casualty insurer doing business in this state shall expose itself to loss on any one risk in an amount which exceeds ten percent of the insurer's capital and surplus. A risk, or any portion thereof, which has been reinsured shall be deducted in determining the limitation of risk prescribed in this Section.
Acts 1991, No. 960, §1; Acts 1992, No. 811, §1; Redesignated from R.S. 22:1470 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:575. Redesignated as R.S. 22:314 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:575 - Redesignated as R.S. 22:314 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:576. Redesignated as R.S. 22:315 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:576 - Redesignated as R.S. 22:315 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:577. Redesignated as R.S. 22:316 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:577 - Redesignated as R.S. 22:316 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:578. Redesignated as R.S. 22:317 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:578 - Redesignated as R.S. 22:317 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.5. Valuation of investments

RS 22:601.5 - Valuation of investments
The value or amount of an investment acquired or held, or an investment practice engaged in, pursuant to this Subpart, unless otherwise specified in this Title, shall be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the NAIC, including the Purposes and Procedures Manual of the Securities Valuation Office of the NAIC, the Accounting Practices and Procedures Manual, the Annual Statement Instructions, or any successor valuation procedures officially adopted by the NAIC.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.6. General limitation on investment in obligations of a single person

RS 22:601.6 - General limitation on investment in obligations of a single person
A. Except as otherwise specified in this Subpart, no insurer shall acquire, except with the consent of the commissioner, an investment pursuant to this Subpart if, as a result of and after giving effect to the investment, the insurer would hold more than five percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person.
B. The limitations of Subsection A of this Section shall not apply to the following items:
(1) Investments issued, assumed, guaranteed, or insured by the United States, or a government sponsored enterprise of the United States, if the instruments are otherwise backed or supported by the full faith and credit of the United States.
(2) Investments in, or loans upon the security of, general obligations of any state or territory of the United States, or the District of Columbia.
(3) Investments issued by a listed bond fund.
(4) Investments issued by a multilateral development bank pursuant to R.S. 22:601.12(E).
(5) Mortgage loans as provided in R.S. 22:601.9.
(6) Investments in foreign securities pursuant to R.S. 22:601.12(D).
(7) Policy loans made pursuant to R.S. 22:601.16(3).
(8) Subsidiaries authorized under R.S. 22:691.3.
(9) Mutual funds and exchange-traded funds pursuant to R.S. 22:601.8(C)(2).
C. Asset-backed securities shall not be subject to the limitations of Subsection A of this Section. No insurer shall acquire an asset-backed security if, as a result of and after giving effect to the investment, the aggregate amount of asset-backed securities secured by or evidencing an interest in a single asset or single pool of assets held by a trust or other business entity, then held by the insurer would exceed five percent of its admitted assets.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.8. Equity interests

RS 22:601.8 - Equity interests
A. An insurer may acquire preferred stocks in any United States business entity if, as a result of and after giving effect to the investment:
(1) Securities of a single issuer and its affiliates, other than the government of the United States and subsidiaries authorized pursuant to R.S. 22:691.3, shall not exceed three percent of admitted assets.
(2) The aggregate amount of preferred stocks then held by the insurer under this Subsection does not exceed twenty-five percent of its admitted assets.
B. An insurer may acquire equity interests in solvent business entities meeting any of the following criteria:
(1) Domiciled in the United States.
(2) Domiciled in a foreign jurisdiction if listed on a qualified exchange.
(3) Permitted pursuant to R.S. 22:601.12.
C. An insurer shall not acquire an investment pursuant to this Section if, as a result of and after giving effect to the investment:
(1) The aggregate amount of investments then held by the insurer under this Section, excluding exchange-traded funds and mutual funds, would exceed fifty percent of its admitted assets, or the amount of equity interests then held by the insurer that are not listed on a qualified exchange would exceed five percent of its admitted assets.
(2) The aggregate amount of exchange-traded fund and mutual fund investments then held by the insurer under this Section would exceed the greater of fifty percent of its admitted assets or one hundred percent of its surplus as regards policyholders. The investment in any one fund shall be limited to ten percent of admitted assets.
D. If the commissioner considers it desirable in order to properly evaluate the investment portfolio of an insurer, the commissioner may require that investments in exchange-traded funds, mutual funds, pooled investment vehicles, or other investment companies be treated for purposes of this Subpart as if the investor owned directly its proportional share of the assets owned by the exchange-traded fund, mutual fund, pooled investment vehicle, or investment company.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.15. Collateral loans

RS 22:601.15 - Collateral loans
Loans upon the pledge of investments provided for pursuant to the terms of this Title are subject to the same limits as to each investment as is provided in this Title for investments, if the face or current market value, whichever is less, of the investments is more than the amount loaned thereon, and the current market value of the investments is at least twenty percent more than the amount loaned thereon. This limitation shall not apply to loans on the pledge of bonds or securities of the United States.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.17. Additional investment authority

RS 22:601.17 - Additional investment authority
A. Any domestic insurer, in addition to the other investments permitted by this Subpart, may invest in an amount equal to twenty-five percent of its capital and surplus if a stock company, and if a company other than stock, twenty-five percent of its surplus, or five percent of its admitted assets, whichever is the greater, in an admitted asset pursuant to this Subpart without regard to the percentage limitations.
B. In addition to the authority provided pursuant to Subsection A of this Section, an insurer may acquire investments not otherwise permitted by this Subpart, and not specifically prohibited by statute, to the extent of not more than five percent of the first five hundred million dollars of the insurer's admitted assets plus ten percent of the insurer's admitted assets exceeding five hundred million dollars. No investment shall be permitted under this Section unless it meets the definition of an asset in the NAIC Accounting Practices and Procedures Manual.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.19. Pledging of assets restricted

RS 22:601.19 - Pledging of assets restricted
A. No insurance company domiciled in this state shall pledge its assets solely to secure a personal loan, other than a policy loan based on the contractual terms of a policy of insurance issued by the company, if the loan is solely for the personal benefit of any officer, director, or employee. Nothing herein shall be construed to limit the right of an insurance company to pledge any or all of its assets to secure loans in the ordinary course of its business and for the company's business purposes and to obtain, as further security therefor, the guarantee, personal or otherwise, of any officer, director, or employee. The commissioner may bring an action to recover and conserve any asset pledged in violation of this Section.
B. Any company or any officer, director, or employee violating the provisions of this Section may be fined not more than ten thousand dollars for each violation, and the officer, director, or employee may be removed from such office, position, capacity, or relationship with the company.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.20. Loans to officers and directors

RS 22:601.20 - Loans to officers and directors
A. An insurer shall not, directly or indirectly, do any of the following:
(1) Invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer, director, or controlling stockholder of the insurer.
(2) Invest in or loan upon any real estate which is owned or partly owned by any officer, director, or controlling stockholder of the insurer, nor shall any such insurer invest in or loan upon any bond or note secured by mortgage or trust deed on real estate if an officer, director, or controlling stockholder of such insurer is an owner or part owner of the real estate upon which the loan is made.
(3) Invest in an obligation or security, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which ten percent or more of the voting securities or equity interests are owned directly or indirectly by or for the benefit of one or more officers, directors, or controlling stockholders of the insurer, except as authorized in R.S. 22:691.7.
B. No insurer shall, without the prior written approval from the commissioner of insurance, directly or indirectly do any of the following:
(1) Make a loan to or other investment in an officer, director, or controlling stockholder of the insurer or a person in which the officer, director, or controlling stockholder has any direct or indirect financial interest.
(2) Make a guarantee for the benefit of or in favor of an officer, director, or controlling stockholder of the insurer or a person in which the officer, director, or controlling stockholder has any direct or indirect financial interest.
(3) Enter into an agreement for the purchase or sale of property from or to an officer, director, or controlling stockholder of the insurer or a person in which the officer, director, or controlling stockholder has any direct or indirect financial interest.
C. An insurer may make, without the prior written approval of the commissioner, policy loans in accordance with the terms of the policy or contract issued to an officer, director, or controlling stockholder.
D. This Section shall not apply to a transaction between an insurer and any of its subsidiaries or affiliates that is entered into in compliance with R.S. 22:691.7, other than a transaction between an insurer and its officers, directors, or controlling stockholders.
E. Any officer, director, or controlling stockholder knowingly participating in or abetting the violation of any provision of this Section where fraud is shown to exist shall be fined not less than one thousand dollars nor more than ten thousand dollars, or imprisoned not more than ten years, or both.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:601.21. Judicial review; mandamus

RS 22:601.21 - Judicial review; mandamus
A. Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this Subpart may appeal to the Nineteenth Judicial District Court in and for the parish of East Baton Rouge. The court shall conduct its review without a jury and by trial de novo, except that if all parties, including the commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.
B. The filing of an appeal pursuant to this Section shall stay the application of any rule, regulation, order, or other action of the commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that a stay would be detrimental to the interest of policyholders, shareholders, creditors, or the public.
C. Any person aggrieved by any failure of the commissioner to act or make a determination required by this Subpart may petition the Nineteenth Judicial District Court in and for the parish of East Baton Rouge for a writ of mandamus directing the commissioner to act or make a determination forthwith.
Acts 2021, No. 165, §1, eff. Jan. 1, 2022.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:611. Definitions

RS 22:611 - Definitions
As used in this Subpart, the following terms shall have the following meanings:
(1) "Adjusted risk-based report" means a risk-based capital report which has been adjusted by the department in accordance with R.S. 22:612(C).
(2) "Corrective order" means an order issued by the department specifying corrective actions which are required.
(3) "Life or health and accident insurer" means any insurance company possessing a certificate of authority in the state that issues the kind of insurance listed in R.S. 22:47(1) or (2) or a property and casualty insurer possessing a certificate of authority in the state that issues only health and accident insurance as specified in R.S. 22:47(2).
(4) "NAIC" means the National Association of Insurance Commissioners.
(5) "Negative trend" shall have that meaning, with respect to a life and/or health insurer, as determined in accordance with the trend test calculation included in the risk-based capital instructions.
(6) "Property and casualty insurer" means any insurance company possessing a certificate of authority in the state that issues insurance other than the kinds specified in R.S. 22:47(1), (2), and (9).
(7) "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as such risk-based capital instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
(8) "Risk-based capital level" means an action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital of an insurer where:
(a) "Authorized-control level risk-based capital" means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions.
(b) "Company-action level risk-based capital" means two hundred percent of a company's authorized control level risk-based capital.
(c) "Mandatory-control level risk-based capital" means seven-tenths of a company's authorized control level risk-based capital.
(d) "Regulatory-action level risk-based capital" means one hundred fifty percent of a company's authorized control level risk-based capital.
(9) "Risk-based capital plan" means a comprehensive financial plan containing the requirements of R.S. 22:613(B). If the department rejects a risk-based capital plan, and it is revised by the insurer, with or without the recommendation of the department, the plan shall be designated a revised risk-based capital plan.
(10) "Risk-based capital report" means the report required pursuant to R.S. 22:612.
(11) "Total adjusted capital" means the sum of:
(a) An insurer's statutory capital and surplus.
(b) Such other items, if any, as required by Paragraph (7) of this Section.
Acts 1995, No. 1203, §1, eff. June 29, 1995; Redesignated from R.S. 22:860 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2012, No. 359, §1.
NOTE: Former R.S. 22:611 redesignated as R.S. 22:851 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:612. Reports; risk-based capital

RS 22:612 - Reports; risk-based capital
A. Unless it appears in the discretion of the commissioner that the condition of a small company renders the continuance of its business hazardous to the public or its insureds, a small company shall not be required to submit to the department a risk-based capital report required by this Section. Every other domestic insurer shall submit to the department on or prior to March first of each year a report of its risk-based capital levels as of the end of the prior calendar year, in a form that contains information required by the risk-based capital instructions. In addition, every other domestic insurer shall file the risk-based capital report:
(1) With the NAIC in accordance with the risk-based capital instructions.
(2) With the insurance department in any state in which the insurer is authorized to do business, if required by the department.
(a) No later than fifteen days from the receipt of notice to file its risk-based capital report with that state.
(b) By March first of each year.
B. The risk-based capital of a life and health and accident insurer shall be determined in accordance with a formula of the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between:
(1) The risk with respect to the insurer's assets.
(2) The risk of adverse insurance experience with respect to the insurer's liabilities and obligations.
(3) The interest rate risk with respect to the insurer's business.
(4) All other business risks and such other relevant risks as are set forth in the risk-based capital instructions.
C. The risk-based capital of a property and casualty insurer shall be determined in accordance with a formula of the risk-based capital instructions. The formula shall take into account and may adjust for the covariance between asset risk, credit risk, underwriting risk, and other business risks, as established in the risk-based capital instructions, as determined by the application of factors established in the risk-based capital instructions.
D.(1) If a domestic insurer files a risk-based capital report which in the determination of the Department of Insurance is inaccurate, the department shall adjust the risk-based capital report to correct the inaccuracy.
(2) The department shall notify the insurer of the adjustment.
(3) The notice shall contain a statement of the reason for the adjustment.
(4) A risk-based capital report so adjusted is referred to as an "adjusted risk-based capital report".
Acts 1995, No. 1203, §1, eff. June 29, 1995; Acts 1999, No. 1304, §1, eff. July 12, 1999; Acts 1999, No. 1312, §1, eff. July 12, 1999; Redesignated from R.S. 22:861 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former R.S. 22:612 redesignated as R.S. 22:852 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:614.1. Redesignated as R.S. 22:902 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

RS 22:614.1 - Redesignated as R.S. 22:902 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.