reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1305 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
An Advertisement
- for the purpose of these
				  rules shall include:
1. printed and published material, audio visual material, and
				  descriptive literature of an insurer used in direct mail, newspapers,
				  magazines, radio scripts, TV scripts, billboards and similar displays;
				  and
2. descriptive literature and sales aids of all kinds issued
				  by an insurer, agent or broker for presentation to members of the insurance
				  buying public including, but not limited to, circulars, leaflets, booklets,
				  depictions, illustrations, and form letters; and
3. prepared sales talks, presentations and material for use
				  by agents, brokers and solicitors.
Exception
- for the purpose of these rules
				  shall mean any provision in a policy whereby coverage for a specified hazard is
				  entirely eliminated. It is a statement of a risk not assumed under the
				  policy.
Insurer
- for the purpose of these rules
				  shall include any individual, corporation, association, partnership, reciprocal
				  exchange, inter-insurer, Lloyds, fraternal benefit society, health maintenance
				  organization, and any other legal entity which is defined as an
insuree
in the
Insurance Code
of this state
				  and is engaged in the advertisement of a policy as
policy
is
				  herein defined.
Limitation
- for the purpose of these rules
				  shall mean any provision which restricts coverage under the policy other than
				  an exception or a reduction.
Policy
- for the purpose of these rules shall
				  include any policy, plan, certificate, contract, agreement, statement of
				  coverage, rider or endorsement which provides accident or sickness benefits, or
				  medical, surgical or hospital expense benefits, whether on an indemnity,
				  reimbursement, service or prepaid basis, except when issued in connection with
				  another kind of insurance other than life, and except disability, waiver of
				  premium and double indemnity benefits included in life insurance and annuity
				  contracts.
Reduction
- for the purpose of these rules
				  shall mean any provision which reduces the amount of the benefit; a risk of
				  loss is assumed but payment upon the occurrence of such loss is limited to some
				  amount or period less than would be otherwise payable had such reduction not
				  been used.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1307 - Method of Disclosure of Required Information

Current through Register Vol. 50, No. 6, June 20, 2024
A. All information required to be disclosed
				by these rules shall be set out conspicuously and in close conjunction with the
				statements to which such information relates or under appropriate captions of
				such prominence that it shall not be minimized, rendered obscure or presented
				in an ambiguous fashion or intermingled with the context of the advertisement
				so as to be confusing or misleading.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1309 - Form and Content of Advertisements

Current through Register Vol. 50, No. 6, June 20, 2024
A. The format and content of an advertisement
				of an accident or sickness insurance policy shall be sufficiently complete and
				clear to avoid deception or the capacity or tendency to mislead or deceive.
				Whether an advertisement has a capacity or tendency to mislead or deceive shall
				be determined by the Commissioner of Insurance from the overall impression that
				the advertisement may be reasonably expected to create upon a person of average
				education or intelligence, within segment of the public to which it is
				directed.
B. Advertisements shall
				be truthful and not misleading in fact or in implication. Words or phrases, the
				meaning of which is clear only by implication or by familiarity with insurance
				terminology, shall not be used.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1313 - Necessity for Disclosing Policy Provisions Relating to Renewability, Cancellability and Termination

Current through Register Vol. 50, No. 6, June 20, 2024
A. When
				an advertisement refers to either a dollar amount or a period of time for which
				any benefit is payable, or the cost of the policy, or specific policy benefit,
				or the loss for which such benefit is payable, it shall disclose the provisions
				relating to renewability, cancellability and termination and any modification
				of benefits, losses covered or premiums because of age or for other reasons, in
				a manner which shall not minimize or render obscure the qualifying
				conditions.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1315 - Testimonials or Endorsements by Third Parties

Current through Register Vol. 50, No. 6, June 20, 2024
A. Testimonials used in advertisements must
				be genuine, represent the current opinion of the author, be applicable to the
				policy advertised and be accurately reproduced. The insurer, in using a
				testimonial, makes as its own all of the statements contained therein, and the
				advertisements, including such statement, are subject to all the provisions of
				these rules.
B. If the person
				making a testimonial, an endorsement or an appraisal has a financial interest
				in the insurer or a related entity as a stockholder, director, officer,
				employee, or otherwise, such fact shall be disclosed in the advertisement. If a
				person is compensated for making a testimonial, endorsement or appraisal, such
				fact shall be disclosed in the advertisement by language substantially as
				follows: "Paid Endorsement." This rule does not require disclosure of union
				scale wages required by union rules if the payment is actually for such scale
				for TV or radio performances. The payment of substantial amounts, directly or
				indirectly, for travel and entertainment for filming or recording of TV or
				radio advertisements, remove the filming or recording from the category of an
				unsolicited testimonial and require disclosure of such compensation.
C. An advertisement shall not state or imply
				that an insurer or a policy has been approved or endorsed by any individual,
				group of individuals, society, association or other organizations, unless such
				is the fact, and unless any proprietary relationship between an organization
				and the insurer is disclosed. If the entity making the endorsement or
				testimonial has been formed by the insurer or is owned or controlled by the
				insurer or the person or persons who own or control the insurer, such fact
				shall be disclosed in the advertisement.
D. When a testimonial refers to benefits
				received under a policy, the specific claim data, including claim number, date
				of loss, and other pertinent information, shall be retained by the insurer for
				inspection for a period of four years or until the filing of the next regular
				report on examination of the insurer, whichever is the longer period of
				time.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1317 - Use of Statistics

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				advertisement relating to the dollar amounts of claims paid, the number of
				persons insured, or similar statistical information relating to any insurer or
				policy shall not use irrelevant facts, and shall not be used unless it
				accurately reflects all the relevant facts. Such an advertisement shall not
				imply that such statistics are derived from the policy advertised unless such
				is the fact, and when applicable to other policies or plans shall specifically
				so state.
B. An advertisement shall
				not represent or imply that claim settlements by the insurer are liberal or
				generous, or use words of similar import, or that claim settlements are or will
				be beyond the actual terms of the contract. An unusual amount paid for a unique
				claim for the policy advertised is misleading and shall not be used.
C. The source of any statistics used in an
				advertisement shall be identified in such advertisement.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1319 - Identification of Plan or Number of Policies

Current through Register Vol. 50, No. 6, June 20, 2024
A. When a choice of the amount of benefits is
				referred to, an advertisement shall disclose that the amount of benefits
				provided depends upon the plan selected and that the premium will vary with the
				amount of the benefits selected.
B.
				When an advertisement refers to various benefits which may be contained in two
				or more policies, other than group master policies, the advertisement shall
				disclose that such benefits are provided only through a combination of such
				policies.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1321 - Disparaging Comparisons and Statements

Current through Register Vol. 50, No. 6, June 20, 2024
A. An advertisement shall not directly or
				indirectly make unfair or incomplete comparisons of policies or benefits or
				comparisons of non-comparable policies of other insurers, and shall not
				disparage competitors, their policies, services or business methods, and shall
				not disparage or unfairly minimize competing methods of marketing
				insurance.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1323 - Jurisdictional Licensing and Status of Insurer

Current through Register Vol. 50, No. 6, June 20, 2024
A. An advertisement which is intended to be
				seen or heard beyond the limits of the jurisdiction in which the insurer is
				licensed shall not imply licensing beyond those limits.
B. An advertisement shall not create the
				impression, directly or indirectly, that the insurer, its financial condition
				or status, or the payment of its claims, or the merits, desirability, or
				advisability or its policy forms or kinds or plans of insurance are approved,
				endorsed, or accredited by any division or agency of this state or the United
				States Government.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1325 - Identity of Insurer

Current through Register Vol. 50, No. 6, June 20, 2024
A. The name of
				the actual insurer and the form number or numbers advertised shall be
				identified and made clear in all of its advertisements. An advertisement shall
				not use a trade name, any insurance group designation, name of the parent
				company of the insurer, name of a particular division of the insurer, service
				mark, slogan, symbol or other device which, without disclosing the name of the
				actual insurer, would have the capacity and tendency to mislead or deceive as
				to the true identity of the insurer.
Note: The above Section does not require disclosure of a
				  policy form number where the advertisement does not relate specifically to a
				  particular policy or benefit, but is general in nature and would be regarded as
Institutional Advertisement
according to custom and
				  usage.
B. No advertisement
				shall use any combination of words, symbols, or physical materials which by
				their content, phraseology, shape, color, or other characteristics are so
				similar to combination of words, symbols or physical materials used by agencies
				of the federal government or of this state, or otherwise appear to be of such a
				nature that it tends to confuse or mislead prospective insureds into believing
				that the solicitation is in some manner connected with an agency of the
				municipal, state, or federal government.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1327 - Group or Quasi-Group Implications

Current through Register Vol. 50, No. 6, June 20, 2024
A. An advertisement of a particular policy
				shall not state or imply that prospective insureds become group or quasi-group
				members covered under a group policy and as such enjoy special rates or
				underwriting privileges, unless such is the fact.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1329 - Introductory, Initial or Special Offers

Current through Register Vol. 50, No. 6, June 20, 2024
A.
1. An
				advertisement of an individual policy shall not directly or by implication
				represent that a contract or combination of contracts is an introductory,
				initial or special offer, or that applicants will receive substantial
				advantages not available at a later date, or that the offer is available only
				to a specified group of individuals, unless such is the fact. An advertisement
				shall not contain phrases describing an enrollment period as
special
,
limited
, or similar words or phrases
				when the insurer uses such enrollment periods as the usual method of
				advertising accident and sickness insurance.
2. An enrollment period during which a
				particular insurance product may be purchased on an individual basis shall not
				be offered within this state unless there has been a lapse of not less than
				three months between the close of the immediately preceding enrollment period
				for the same product and the opening of the new enrollment period. The
				advertisement shall indicate the date by which the applicant must mail the
				application which shall be not less than 10 days and not more than 40 days from
				the date that such enrollment period is advertised for the first time. This
				rule applies to all advertising media, i.e., mail, newspapers, radio,
				television, magazines and periodicals, by any one insurer. It is inapplicable
				to solicitation, of employees or members of a particular group or association
				which otherwise would be eligible under specific provisions of the
Insurance Code
for group, blanket or franchise insurance. The
				phrase
any one insurer
includes all the affiliated companies
				of a group of insurance companies under common management or control.
3. This rule prohibits any statement or
				implication to the effect that only a specific number of policies will be sold,
				or that a time is fixed for the discontinuance of the sale of the particular
				policy advertised because of special advantages available in the policy, unless
				such is the fact.
4. The phrase
a particular insurance product
in §1329. A.2 means an
				insurance policy which provides substantially different benefits than those
				contained in any other policy. Different terms of renewability; an increase or
				decrease in the dollar amounts of benefits; an increase or decrease in any
				elimination period or waiting period from those available during an enrollment
				period for another policy shall not be sufficient to constitute the product
				being offered as a different product eligible for concurrent or overlapping
				enrollment periods.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1331 - Statements about an Insurer

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				advertisement shall not contain statements which are untrue in fact, or by
				implication misleading, with respect to the assets, corporate structure,
				financial standing, age or relative position of the insurer in the insurance
				business. An advertisement shall not contain a recommendation by any commercial
				rating system unless it clearly indicates the purpose of the recommendation and
				the limitations of the scope and extent of the recommendation.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1333 - Enforcement Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Advertising File. Each insurer shall maintain at its home or principal office a
				complete file containing every printed, published or prepared advertisement of
				its individual policies and typical printed, published or prepared
				advertisements of its blanket, franchise and group policies hereafter
				disseminated in this or any other state whether or not licensed in such other
				state, with a notation attached to each such advertisement which shall indicate
				the manner and extent of distribution and the form number of any policy
				advertised. Such file shall be subject to regular and periodical inspection by
				this department. All such advertisements shall be maintained in said file for a
				period of either four years or until the filing of the next regular report on
				examination of the insurer, whichever is the longer period of time.
B. Repealed.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1335 - Severability Provision

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any
				Section or portion of a Section of these rules, or the applicability thereof to
				any person or circumstance is held invalid by a court, the remainder of the
				rules, or the applicability of such provision to other persons or
				circumstances, shall not be affected thereby.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 13 - Rule Number 3-Advertisements of Accident and Sickness Insurance › Section XI-1337 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. This rule
				shall become effective upon final publication.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 15 - Rule Number 5-Unfair Trade Practices › Section XI-1501 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this rule is to accomplish a uniform application of Louisiana
				R.S.
				22:1214.A(4), (8), and (9). It is intended to
				clarify those provisions of the Unfair Trade Practices Part of the
Louisiana Insurance Code
. (Title 22, Louisiana Revised Statute
				of 1950 as amended).
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 15 - Rule Number 5-Unfair Trade Practices › Section XI-1503 - Applicability

Current through Register Vol. 50, No. 6, June 20, 2024
A. These provisions
				shall be applicable to any persons directly or indirectly involved in the
				solicitation, negotiation and service of insurance contracts.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 15 - Rule Number 5-Unfair Trade Practices › Section XI-1505 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. When used in
				this rule, the following words or terms have the meaning described in §1505
Confidential Information
- information
				  obtained by means of a confidential or fiduciary relationship and the existence
				  of such relationship precludes the party in whom trust and confidence is placed
				  from participating in profit or advantages resulting from the dealing as the
				  parties to the relation. Specifically, information given a mortgagee pertaining
				  to expiration date of insurance contracts and rating and coverages information
				  is confidential information.
Person
- any individual, company, insurer,
				  association, organization, reciprocal or interinsurance exchange, partnership,
				  business, trust or corporation.
Unfair Competition
- the improper use of
				  confidential information for competitive advantages.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 15 - Rule Number 5-Unfair Trade Practices › Section XI-1507 - Rule

Current through Register Vol. 50, No. 6, June 20, 2024
A. It shall be an
				unfair trade practice for any person to engage in unfair competition by
				directly or indirectly using confidential information in the solicitation,
				negotiation, and service of insurance contracts, unless the disclosure of such
				information is authorized by the insured.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this rule is to adopt provisions and uniform guidelines for their
				interpretation as authorized specifically by Act 520 of the 1978 Regular
				Session of the Louisiana Legislature. It is designed to facilitate and
				implement the provisions of that Act. It is intended to supplement and not
				alter in any manner certain provisions of the Act. A further purpose is to
				establish reasonable guidelines pertaining to reserves and the adequacy of
				those reserves, to maintain solvency as respects vehicle mechanical breakdown
				insurers doing business in this state.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1703 - Applicability

Current through Register Vol. 50, No. 6, June 20, 2024
A. Those provisions
				shall be applicable to any and all entities which may be defined as a
vehicle mechanical breakdown insuree
, under the provisions of
				Act 520 of the 1978 Regular Session of the Louisiana Legislature. The term
				shall include any person or other entity which receives any fee or compensation
				for administration of a mechanical breakdown program.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1705 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. When used in
				this rule, the following words or term have the meaning described in §1705
Commissioner
- the Commissioner of Insurance
				  for the state of Louisiana.
Insurer
- any property or casualty insurer
				  duly authorized to transact vehicle physical damage insurance in this state
				  under provisions of the
Louisiana Insurance Code
other than
				  Sections 1800
Vehicle Mechanical Breakdown Insurance
				  Policy
- any contract, agreement, or other instrument whereby a person
				  other than the owner, seller, or lessor of a vehicle assumes the risk of and/or
				  the expense portion thereof for the mechanical breakdown or mechanical failure
				  of a motor vehicle and shall include those agreements commonly known as vehicle
				  service agreements or extended warranty agreements.
Vehicle Mechanical Breakdown Insurer
- any
				  person or organization, whether domestic, foreign or alien that issues or
				  attempts to issue vehicle mechanical breakdown policies as defined
				  herein.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1707 - Qualifications

Current through Register Vol. 50, No. 6, June 20, 2024
A. Evidence must be
				submitted to the Commissioner of Insurance that the applicant is a solvent
				corporation, incorporated under the laws of Louisiana, or another state,
				district, territory or possession of the United States of America. That
				evidence must be submitted as required by Form VMB-1 furnished by the
				Commissioner of Insurance and must be to his satisfaction.
B. The applicant shall furnish such proof as
				necessary to the commissioner that the directors and management of the company
				are competent and trustworthy and are capable of successfully managing its
				affairs in compliance with law. That information shall be submitted on form
				VMB-2 which is furnished by the commissioner.
C. The applicant shall make the deposit
				required by Louisiana
				R.S.
				22:1804. Should the applicant furnish a
				surety bond, it shall be in the style of Form VMB-4 which is furnished by the
				commissioner. Such bond must be written by a company that is lawfully
				authorized to transact surety insurance in this state.
D. The applicant must complete and file form
				VMB-5, "Consent to Service and Appointment of Registered, Resident Agent" with
				the commissioner. The commissioner shall provide the applicable
				forms.
E. No applicant shall be
				licensed unless it maintains reserves as required by
				§1709 of this rule.
F. Upon meeting these requirements to the
				satisfaction of the commissioner, a certificate of authority to do business in
				this state will be issued.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1709 - Reserves

Current through Register Vol. 50, No. 6, June 20, 2024
A. Reserving
1. The reserve to be maintained on policies
				issued covering new vehicles shall be one which generates an unearned premium
				reserve of not less than the unearned premium reserve which is generated by
				applying the reverse sum of the digits earnings method to each policy issued
				covering a new vehicle.
2. The
				reserve to be maintained on policies issued on used vehicles shall be a reserve
				of not less than the unearned premium reserve which is generated when the
				straight line or pro-rated earnings method is applied to each policy issued on
				a used vehicle.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1711 - Reports

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each vehicle
				mechanical breakdown insurer shall, on or before the fifteenth day of March of
				each year, submit to the commissioner a report signed by the president and
				secretary which shall certify the premiums received by said insurer for the
				proceeding year. That report shall be audited by a certified public accountant
				and shall be attested to by him. In conjunction with, and to be submitted at
				the same time, a complete audited financial statement on the mechanical
				breakdown insurer. Such audited financial statement shall fully disclose the
				reserving method used and any reinsurance arrangements in force. Additionally,
				the audited reports shall contain the following:
1. auditor's report;
2. balance sheet;
3. statement of income and retained
				earnings;
4. statement of
				shareholder's equity;
5. statement
				of changes in financial position;
6. notes to financial statements, which
				disclose all significant accounting practices.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1713 - Penalty for Non-Compliance

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Non-compliance with the provisions of this rule may result in the suspension,
				revocation or non-renewal of the Certificate of Authority issued by the
				Commissioner of Insurance pursuant to the provisions of Act 520 of the 1978
				Regular Session of the Louisiana Legislature.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 17 - Rule Number 6-Vehicle Mechanical Breakdown Insurer › Section XI-1715 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any of the
				provisions of this rule are held invalid, such invalidity shall not effect
				other provisions which can be given effect without the invalid item and to this
				end provisions of this rule are hereby declared severed.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and Act 520 of the 1978 Regular Session
				  of the Louisiana Legislature.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1901 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				these rules is to adopt uniform guidelines and requirements applicable to legal
				expense insurers that do business in this state.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1903 - Applicability

Current through Register Vol. 50, No. 6, June 20, 2024
A. The rules shall
				apply to all legal expense insurers as defined herein.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1905 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. When used in
				these rules, the following words or terms have the meaning described in §1905
Agent
- an individual who is a resident of
				  this state; or whose principal office is in this state, or a partnership the
				  members of which are residents of this state or have their principal office in
				  this state, or a corporation having, by its charter, the power to act as an
				  insurance agent and whose principal office is in this state, and whose officers
				  and principal stockholders are residents of this state, authorized, in writing,
				  by an insurer lawfully authorized to transact business in this state, to act as
				  its representative with authority to solicit, negotiate and effect contracts of
				  insurance in its behalf, who or which has an office in this state in which is
				  kept a record of the contracts of insurance signed, countersigned or issued by
				  them.
Commissioner
- the Commissioner of Insurance
				  for the State of Louisiana.
Department
- the Department of Insurance for
				  the State of Louisiana.
Legal Expense Insurer
- any person who
				  accepts a pre-payment from or for the benefit of any other person or group of
				  persons as consideration for providing to such person or group of persons the
				  opportunity to receive reimbursement or payment for legal services at such time
				  in the future that such services may be appropriate or necessary.
Person
- an individual, insurers,
				  association, organization, partnership, business, trust or other legal
				  entity.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1907 - Exemptions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				activities are exempted from the provisions of these rules and they shall not
				be applicable to persons engaged in those capacities:
1. retainer contracts between attorney(s) and
				client(s);
2. lawyer referral
				service authorized by the Louisiana Bar;
3. furnishing of legal assistance by labor
				unions or other employee organizations to their members relating to
				employment;
4. furnishing of legal
				assistance to members by a church, cooperation, educational institution, credit
				union or organization of employees, where the above contract directly with an
				attorney or firm of attorneys for legal services;
5. employee benefit plans to the extent state
				laws are superseded by
				29
				USC 1144, provided evidence of exemption from
				state law is provided to the department.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1909 - Qualifications as Insurer Required

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Any person who accepts a pre-payment from or for the benefit of any other
				person or group of persons as consideration for providing to such person or
				group of persons the opportunity to receive reimbursement or payment for legal
				services at such time in the future as such services may be appropriate or
				necessary must meet the requirements of the Louisiana Insurance Code by
				becoming qualified as an insurer which is authorized to write miscellaneous
				coverage. (See "Exemptions" under
				§1907 of this rule.) Persons offering
				these services shall qualify as a mutual, stock, reciprocal or Lloyds' plan
				insurer as defined in Title 22, Louisiana Revised Statutes of 1950, as
				amended.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1911 - Licensing of Agents Required

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				legal expense insurer, as defined herein, shall not contract with, or employ,
				agents that are not properly licensed under the provisions of Title 22,
				Louisiana Revised Statutes of 1950, as amended, to solicit, negotiate or issue
				contracts of insurance that afford legal expense coverage. All of the
				provisions of law applicable to insurance agents, other than life, health, and
				accident agents, shall apply to those agents.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1913 - Compliance Required

Current through Register Vol. 50, No. 6, June 20, 2024
A. Legal
				expense insurers that have previously done business in this state as an
				individual corporation, partnership, or other entity shall, within 60 days
				following final promulgation of these rules, show that they are in compliance
				with them and applicable provisions of law.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1915 - Penalty for Non-Compliance

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				legal expense insurer, as defined herein, and that is not subject to the
				"Exemptions" in
				§1907 of these rules and who does not
				hold a current and valid certificate of authority to do business in this state
				is in violation of
				R.S.
				22:7(A) and the commissioner
				shall take the necessary steps to enforce those provisions of law. Further, any
				person who solicits, negotiates, or issues a contract of insurance that affords
				legal expense insurance coverage as an agent of a legal expense insurer and who
				does not hold a proper and valid license as an agent shall be subject to the
				provisions of R.S. 22:1175 and the commissioner shall take the necessary steps
				to enforce these provisions of the law.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1917 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any of the
				provisions of these rules is held invalid, such invalidity shall not affect
				other provisions which can be given effect without the invalid item, and to
				this end, the provisions of these rules are hereby declared
				severable.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 19 - Rule Number 7-Legal Expense Insurers › Section XI-1919 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				effective date of Rule 7 as amended shall be January 1, 2022.
AUTHORITY
				  NOTE: Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2100 - Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. This Rule is
				promulgated by the commissioner of insurance pursuant to
				R.S.
				22:753 of the
Insurance
				Code
.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this Rule is to recognize the following mortality tables for use in determining
				the minimum standard of valuation for annuity and pure endowment contracts: the
				1983 table "a," the 1983 group annuity mortality (1983 GAM) table, the annuity
				2000 mortality table, the 2012 individual annuity reserving (2012 IAR) table,
				and the 1994 group annuity reserving (1994 GAR) table.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
1983 GAM Table
-that mortality table
				  developed by the Society of Actuaries Committee on Annuities and adopted as a
				  recognized mortality table for annuities in December 1983 by the National
				  Association of Insurance Commissioners.
1983 Table "a"
-that mortality table
				  developed by the Society of Actuaries Committee to Recommend a New Mortality
				  Basis for Individual Annuity Valuation and adopted as a recognized mortality
				  table for annuities in June 1982 by the National Association of Insurance
				  Commissioners.
1994 GAR Table
-that mortality table
				  developed by the Society of Actuaries Group Annuity Valuation Table Task Force.
				  The
1994 GAR table
is included in the report on pages 866-867
				  of volume XLVII of the
Transactions of the Society of
				  Actuaries
(1995).
2012 IAR Table
-that generational mortality
				  table developed by the Society of Actuaries Committee on Life Insurance
				  Research and containing rates, qx 2012+n, derived from a combination of the
				  2012 IAM period table and projection scale G2, using the methodology stated in
				  §2106
2012 Individual Annuity Mortality Period Life (2012
				  IAM Period) Table
-the period table containing loaded mortality rates
				  for calendar year 2012. This table contains rates, qx 2012, developed by the
				  Society of Actuaries Committee on Life Insurance Research and is shown in
				  §2113. A and B.
Annuity 2000 Mortality Table
-that mortality
				  table developed by the Society of Actuaries Committee on Life Insurance
				  Research. The annuity 2000 table is included in the report on page 240 of
				  volume XLVII of the
Transactions of the Society of Actuaries
(1995).
Generational Mortality Table
-a mortality
				  table containing a set of mortality rates that decrease for a given age from
				  one year to the next based on a combination of a period table and a projection
				  scale containing rates of mortality improvement.
Period Table
-a table of mortality rates
				  applicable to a given calendar year (the period).
Projection Scale G2 (Scale G2)
-is a table of
				  annual rates, G2x, of mortality improvement by age for projecting future
				  mortality rates beyond calendar year 2012. This table was developed by the
				  Society of Actuaries Committee on Life Insurance Research and is shown in
				  §2113. C and D.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2105 - Individual Annuity for Pure Endowment Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as provided in Subsections B and C
				of this Section, the 1983 table "a" is recognized and approved as an individual
				annuity mortality table for valuation and, at the option of the company, may be
				used for purposes of determining the minimum standard of valuation for any
				individual annuity or pure endowment contract issued on or after September 7,
				1979.
B. Except as provided in
				Subsection C of this Section, either the 1983 table "a" or the annuity 2000
				mortality table shall be used for determining the minimum standard of valuation
				for any individual annuity or pure endowment contract issued on or after
				January 1, 1987.
C. Except as
				provided in Subsection D of this Section, the annuity 2000 mortality table
				shall be used for determining the minimum standard of valuation for any
				individual annuity or pure endowment contract issued on or after January 1,
				1999.
D. Except as provided in
				Subsection E of this Section, the 2012 IAR mortality table shall be used for
				determining the minimum standard of valuation for any individual annuity or
				pure endowment contract issued on or after January 1, 2015.
E. The 1983 table "a" without projection is
				to be used for determining the minimum standards of valuation for an individual
				annuity or pure endowment contract issued on or after January 1, 1999, solely
				when the contract is based on life contingencies and is issued to fund periodic
				benefits arising from:
1. settlements of
				various forms of claims pertaining to court settlements or out of court
				settlements from tort actions;
2.
				settlements involving similar actions such as worker's compensation claims;
				or
3. settlements of long term
				disability claims where a temporary or life annuity has been used in lieu of
				continuing disability payments.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2106 - Application of the 2012 IAR Mortality Table

Current through Register Vol. 50, No. 6, June 20, 2024
A. In using the 2012 IAR mortality table, the
				mortality rate for a person age x in year (2012 + n) is calculated as follows:
Click Here To View
				  Image
The resulting qx
										2012+n shall be rounded to three decimal places per
				  1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur according
				  to the formula above, starting at the 2012 period table rate. For example, for
				  a male age 30, qx2012= 0.741.
				  qx
										2013= 0.741 * (1 0.010) ^
				  1 = 0.73359, which is rounded to 0.734. qx
										2014= 0.741 * (1 0.010) ^ 2 = 0.7262541, which is
				  rounded to 0.726. A method leading to incorrect rounding would be to calculate
				  qx
										2014 as
				  qx
										2013 * (1 0.010), or 0.734
				  * 0.99 = 0.727. It is incorrect to use the already rounded
				  qx
										2013 to calculate
				  qx
										2014.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2107 - Group Annuity or Pure Endowment Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as provided in Subsections B and C
				of this Section, the 1983 GAM table, the 1983 table "a" and the 1994 GAR table
				are recognized and approved as group annuity mortality tables for valuation
				and, at the option of the company, any one of these tables may be used for
				purposes of valuation for an annuity or pure endowment purchased on or after
				September 7, 1979 under a group annuity or pure endowment contract.
B. Except as provided in Subsection C of this
				Section, either the 1983 GAM table or the 1994 GAR table shall be used for
				determining the minimum standard of valuation for any annuity or pure endowment
				purchased on or after January 1, 1987 under a group annuity or pure endowment
				contract.
C. The 1994 GAR table
				shall be used for determining the minimum standard of valuation for any annuity
				or pure endowment purchased on or after January 1, 1999 under a group annuity
				or pure endowment contract.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 21 - Rule Number 8-A New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities › Section XI-2108 - Application of the 1994 GAR Table

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				In using the 1994 GAR table, the mortality rate for a person age x in year
				(1994 + n) is calculated as follows:
q
x 
										1994+n =
q
x1994 (1 -
AA
x)
				  n
where the
q
x1994s and
AA
xs are as specified in the 1994 GAR
				  Table.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.