Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 137 - Regulation Number 98-Annual Financial Reporting › Section XIII-13733 - Exemptions and Effective Dates

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Upon written application of any insurer, the commissioner may grant an
				exemption from compliance with any and all provisions of Regulation 98 if the
				commissioner finds, upon review of the application, that compliance with
				Regulation 98 would constitute a financial or organizational hardship upon the
				insurer. An exemption may be granted at any time and from time to time for a
				specified period or periods. Within 10 days from a denial of an insurer's
				written request for an exemption from Regulation 98, the insurer may request in
				writing a hearing on its application for an exemption. The hearing shall be
				held in accordance with the regulations of the department pertaining to
				Division of Administrative Law hearing procedures.
B. Domestic insurers retaining a certified
				public accountant on the effective date of Regulation 98 who qualify as
				independent shall comply with Regulation 98 for the year ending December 31,
				2010 and each year thereafter unless the commissioner permits
				otherwise.
C. All domestic insurers
				shall retain a certified public accountant on the effective date of Regulation
				98 who qualifies as independent unless the commissioner permits otherwise. All
				requests for an exemption from the requirement shall be made in writing to the
				department, and the commissioner shall have the authority to grant an exemption
				pursuant to
				R.S.
				22:674.
D. Foreign insurers shall comply with
				Regulation 98 for the year ending December 31, 2010 and each year thereafter,
				unless the commissioner permits otherwise.
E. The requirements of §13713. D shall be in
				effect for audits of the year beginning January 1, 2010 and
				thereafter.
F. The requirements of
				§13727 are to be in effect January 1,
				2010. An insurer or group of insurers that is not required to have independent
				audit committee members or only a majority of independent audit committee
				members as opposed to a supermajority because the total written and assumed
				premium is below the threshold and subsequently becomes subject to one of the
				independence requirements due to changes in premium shall have one year
				following the year the threshold is exceeded but not earlier than January 1,
				2010 to comply with the independence requirements. Likewise, an insurer that
				becomes subject to one of the independence requirements as a result of a
				business combination shall have one calendar year following the date of
				acquisition or combination to comply with the independence
				requirements.
G. The requirements
				of §13731 and other
				modified sections, except for
				§13727 previously covered, are effective
				beginning with the reporting period ending December 31, 2010 and each year
				thereafter. An insurer or group of insurers that is not required to file a
				report because the total written premium is below the threshold and
				subsequently becomes subject to the reporting requirements shall have two years
				following the year the threshold is exceeded but not earlier than December 31,
				2010 to file a report. Likewise, an insurer acquired in a business combination
				shall have two calendar years following the date of acquisition or combination
				to comply with the reporting requirements.
AUTHORITY NOTE:
				  Promulgated in accordance with the
				  R.S.
				  22:1 et seq., the "Audited Financial Reports
				  Law"R.S. 22:671 et
				  seq., more particularly
				  R.S.
				  22:675 and the Administrative Procedure Act.
				  R.S.
				  49:950 et
				  seq.