reglab/statecodes huggingface dataset:
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-2109 - Separability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				of this rule or its application to any person or circumstances is for any
				reason held to be invalid, the remainder of the regulation and the application
				of its provisions to other persons or circumstances shall not be
				affected.
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-2111 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				effective date of this Rule is January 1, 2015.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:753.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2301 - Purposes

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this rule is to implement the provisions of
				R.S.
				40:1428 by assessing a fee on insurers to pay
				the cost of investigation, enforcement, public education and public awareness,
				and prosecution of insurance fraud in this state as more fully described in
				R.S. 40:1421-1429 and this rule. This rule shall be effective upon final
				publication in the
Louisiana Register
.
B. The fees collected shall be used solely
				for the purposes of Subpart B of Part III of Chapter 6 of Title 40 of the
				Louisiana Revised Statutes of 1950, comprised of
				R.S.
				40:1421 through 1429, entitled "Insurance
				Fraud Investigation Unit".
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and
				  R.S.
				  40:1428.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2303 - Fee Assessment

Current through Register Vol. 50, No. 6, June 20, 2024
A. As
				authorized by
				R.S.
				40:1428, and subject to the limitations
				provided therein and in this rule, there is hereby assessed an annual fee not
				to exceed 0.000375 multiplied times the direct premiums received by each
				insurer licensed by the Department of Insurance to conduct business in this
				state.
B. The fee shall be assessed
				for each fiscal year, and shall be based on premiums received in the previous
				calendar year. The Commissioner of Insurance will notify insurers in writing of
				the fee assessment owed each fiscal year.
C. The total fees assessed for any year shall
				not exceed the amount necessary to pay the costs of investigation, enforcement,
				public education and public awareness, and prosecution of insurance fraud in
				this state by the programs to which funds are allocated in
				§2307 of this Rule.
D. Prior to making the allocations specified
				in §2307 of this Rule, the Commissioner of Insurance is authorized to withhold
				the sum of $30,000 per year from the fees collected to defray the expenses of
				collection of the fees, enforcement of this Subpart, and operation of the
				Department of Insurance and shall withhold $187,000 to fund the Automobile
				Theft and Insurance Fraud Prevention Authority Dedicated Fund Account pursuant
				to R.S.
				22:2134.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and
				  40:1428.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2305 - Limitations on the Fee Assessment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The fee shall not be assessed on premiums received on life insurance policies,
				annuities, credit insurance, crop and livestock insurance, federal flood
				insurance policies, reinsurance contracts, reinsurance agreements, or
				reinsurance claims transactions. The fee shall not be assessed on 50 percent of
				the premiums received on health and accident insurance policies.
B. If the fee assessed for the previous year
				exceeds by five percent of the cumulative costs of the previous year of
				operating the insurance fraud programs to which the funds are allocated, the
				fee assessment for the next year shall be reduced by the amount of the excess
				in proportion to the assessment, however, any entity listed in
				§2307(A) of this Rule
				that expends its allocation shall receive at least the same allocation for the
				next year.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and
				  R.S.
				  40:1428.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2307 - Allocation of the Fee Assessment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Except as otherwise provided in §2303.D of this rule, fees shall be allocated
				as follows.
1. Seventy-five percent of the
				fees collected shall be allocated to the Insurance Fraud Investigation Unit
				within the Office of State Police.
2. Fifteen percent of the fees collected
				shall be allocated to the Department of Justice to be used solely for the
				Insurance Fraud Support Unit.
3.
				Ten percent of the fees collected shall be allocated to the Department of
				Insurance to be used solely for the Office of Insurance
				Fraud.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2309 - Payment of the Fee Assessment

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				fee established in
				R.S.
				40:1428 and in this rule shall be paid to the
				Commissioner of Insurance as required by
				R.S.
				40:1428(B).
B. After compliance with the requirements of
				Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond
				Security and Redemption Fund, an amount equal to that deposited as required by
				R.S. 40.1428 (C) shall be credited to the Insurance Fraud Investigation
				Dedication Fund Account in the state treasury. The monies shall be irrevocably
				dedicated and deposited in the insurance fraud investigation dedication fund
				account and shall be used solely as provided in
				R.S.
				40:1428(A) and only in the
				amounts appropriated by the legislature. Monies in the fund shall be
				appropriated, administered, and used solely and exclusively for the purposes of
				the fraud unit, fraud support unit, office of insurance fraud, LATIFPA, and as
				further provided in
				R.S.
				40:1428. All unexpended and unencumbered
				monies in this fund at the end of the fiscal year shall be refunded to each
				insurer licensed by the Department of Insurance to conduct business in this
				state assessed a fee pursuant to
				R.S.
				40:1428 on a pro-rata basis based on each
				insurer's proportionate share of the total fees collected pursuant to this
				section.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 22:2 and
				  40:1428.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2311 - Fines

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Commissioner
				of Insurance may levy a fine on any insurer who fails to pay the fee assessed
				pursuant to this Section when due. Such fine shall not exceed five percent of
				the fee per month; however, no fine shall be less than $100 per
				month.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2,
				  R.S.
				  40:1428 and
				  R.S.
				  40:1429.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 23 - Rule 13-Special Assessment to Pay the Cost of Investigation, Enforcement, and Prosecution of Insurance Fraud › Section XI-2313 - Sunset

Current through Register Vol. 50, No. 6, June 20, 2024
A. The special
				assessment for the automobile theft and insurance fraud prevention authority
				dedicated fund account as well as the insurance fraud investigation dedication
				fund account shall be null, void, and unenforceable on July 1, 2024, unless
				legislative authorization for this rule is reenacted, amended, or
				re-promulgated prior to July 1, 2024.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 22:2 and
				  40:1428.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 25 - Rule Number 14-Records Management; General › Section XI-2501 - Purpose (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et seq.;
				  R.S.
				  44:1 et seq.,
				  R.S.
				  22:1 et seq.;
				  R.S.
				  22:2.1.A;
				  R.S. 14:67;
				  R.S.
				  14:132; and
				  R.S. 9:2601 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4801 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose
				and intent of Emergency
				Rule
				48 is to exercise the authority
				and carry out the duties and responsibilities of the commissioner for
				implementation and regulation of the Insure Louisiana Incentive Program,
				hereinafter referred to as the "Incentive Program." Emergency
				Rule
				48 sets forth rules and
				procedural requirements which the commissioner deems necessary for
				participation in the Incentive Program by qualified property
				insurers.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4803 - Applicability and Scope

Current through Register Vol. 50, No. 6, June 20, 2024
A. Emergency
				Rule
				48 shall apply to all authorized
				insurers as defined in
				R.S.
				22:46(3) operating and
				writing insurance for residential and commercial properties in the state, and
				to any approved unauthorized insurer as defined in
				R.S.
				22:46(2) operating and
				writing insurance for residential and commercial properties in the state, an
				eligible unauthorized insurer as defined in
				R.S.
				22:46(10) operating and
				writing insurance for residential and commercial properties in the state, or a
				domestic surplus lines insurer as provided for in
				R.S.
				22:436.1 operating and writing insurance for
				residential and commercial properties in the state and collectively referred to
				as a surplus lines insurer as defined in
				R.S.
				22:46(27).
B. Emergency
				Rule
				48 governs all aspects of the
				Incentive Program including, but not limited to, the invitation and application
				process for grants, the qualifications of grantees, the award of grants, the
				use of grant funds, the reporting requirements for grantees, the requirements
				for matching capital funds, the requirements for minimum capital and surplus,
				the requirements for earned capital, the requirements for default, and other
				regulation and administration of the Incentive Program.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4805 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For the
				purposes of Emergency Rule 48, the following terms are defined as follows:
Authorized Insurer
-an insurer with a
				  certificate of authority in Louisiana.
Commissioner
-the Commissioner of Insurance
				  of the state of Louisiana.
Department
-the Department of Insurance of
				  the state of Louisiana.
Domestic Insurer
-an insurer formed under the
				  laws of the state of Louisiana that has been authorized by the department to
				  sell insurance products in the state of Louisiana.
Earning Period
-the timeframe, including any
				  extension granted by the commissioner, in which the grantee can earn 20 percent
				  or the pro rata share of the grant award.
Grantee
-a property insurer to whom a grant
				  is made from the Incentive Program Fund.
Incentive Program
(where capitalized)-the
				  Insure Louisiana Incentive Program as created, authorized and administered
				  pursuant to
				  R.S.
				  22:2361 et seq., and Emergency
				  Rule
				  48
Incentive Program Fund
(where
				  capitalized)-the Insure Louisiana Incentive Fund established and created
				  pursuant to
				  R.S.
				  22:2371 and Emergency
				  Rule
				  48
Legal Interest
-interest at the rate fixed in
				  R.S.
				  13:4202.
Net Written Premiums
-the total premiums,
				  exclusive of assessments and other charges, paid by policyholders to an insurer
				  for policies that comply with Emergency Rule 48, minus any return premiums or
				  other premium credits due policyholders, as defined in
				  R.S.
				  22:2369(A). Premium received
				  from participation in the depopulation or take-out program of Louisiana
				  Citizens Property Insurance Corporation shall be included in net premiums
				  written.
Newly Allocated Insurer Capital
-capital
				  committed by an insurer to match any grant funds received from the Incentive
				  Program Fund.
Reporting Period
-the financial statement
				  reporting date of March 31, June 30, September 30, and December 31 of each
				  respective year in the Incentive Program.
Surplus Lines Insurer
-an insurer without a
				  certificate of authority that meets the eligibility criteria of
				  R.S.
				  22:435(A)(2) and (B) and
				  from which a licensed surplus lines broker may procure insurance under the
				  provisions of
				  R.S.
				  22:432.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4807 - Matching Capital Grants

Current through Register Vol. 50, No. 6, June 20, 2024
A. From funds
				appropriated by the legislature for the Incentive Program Fund established and
				created in the state treasury under
				R.S.
				22:2371, the commissioner may grant matching
				capital funds to qualified property insurers in accordance with the
				requirements of
				R.S.
				22:2361 through
				2371 and Emergency
				Rule
				48
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4809 - Public Invitation for Grant Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. Pursuant to
				R.S.
				22:2361 et seq., and Emergency Rule 48, the
				commissioner shall issue an initial public invitation to property insurers to
				submit applications for grants under the Incentive Program.
B. The invitation shall be published for at
				least a 30-day period on the department's web site and in state and national
				insurance journals and publications as the commissioner deems
				appropriate.
C. The invitation
				shall describe the Incentive Program and provide general information about the
				grant application process.
D. The
				invitation shall set a deadline for receipt of grant applications. All grant
				applications should be submitted to the department either by certified mail,
				return receipt requested, actual delivery by a commercial interstate courier,
				or electronic mail. Failure to timely submit a grant application may render the
				property insurer ineligible to participate in the Incentive Program. However,
				for good cause shown, the commissioner may extend the deadline and consider
				applications received after the deadline or give a property insurer the
				opportunity to cure a non-substantive deficiency in the application.
E. In the event that all monies in the
				Incentive Program Fund are not allocated in response to the first invitation,
				the commissioner may issue a second invitation for grant applications in the
				form and pursuant to the procedures utilized for the first
				invitation.
F. In the event that
				all monies in the Incentive Program Fund are not allocated in response to the
				second invitation, the commissioner may issue a third invitation for grant
				applications in the form and pursuant to the procedures utilized for the first
				and second invitations.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4811 - Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				department shall provide an application form to be fully completed by grant
				applicants. The application form may be revised by the department as it deems
				appropriate.
B. The grant
				application shall require the property insurer to designate a point of contact
				with a telephone number, email address and physical address to represent the
				property insurer on all matters pertaining to the grant process and the
				Incentive Program.
C. The grant
				application shall be filed contemporaneously with the application for licensure
				with the department by a surplus lines insurer. The application for licensure
				expresses the applicant's intent to become licensed in this state as an
				authorized insurer and, if specifically requested in writing by the grant
				applicant in the application for licensure, will be processed contingent upon
				approval of the allocation of a grant award.
D. Only fully completed grant applications or
				those deemed acceptable by the commissioner shall be considered for a grant
				award.
E. The grant application
				shall be submitted to the department's Office of Financial Solvency, as
				outlined in the invitations issued under
				§4809
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4813 - Qualifications for Applying for Grant Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Minimum
				Solvency Requirements. Grants shall be made only to property insurers who
				initially satisfy and thereafter maintain the following minimum solvency
				requirements:
1. capital and surplus in an
				amount not less than $10,000,000;
2. a property insurer with a financial
				strength rating that meets the following requirements:
a. AM Best Company "B+" or better;
				or
b. Demotech, Inc. "A" or better;
				or
c. AM Best Company "A" or better
				for licensed surplus lines insurers.
NOTE: Property insurers rated by more than one rating company
				  need only meet one of the rating requirements.
3. risk-based capital ratio of 400 percent at
				the initial grant award, which shall be maintained during the property
				insurer's participation in the Incentive Program; and
4. sufficient reinsurance to demonstrate that
				its reinsurance program is sufficient for the amount of business to be written
				pursuant to the Incentive Program.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4815 - Award and Allocation of Grants

Current through Register Vol. 50, No. 6, June 20, 2024
A. Subject to
				the requirements of this Section, to carry out the purpose and intent of the
				Incentive Program, the commissioner shall award and allocate grants as the
				commissioner deems appropriate among qualified property insurers who have
				applied for grants. The commissioner has the discretion to create an advisory
				committee to assist in the analysis of grant applications. If created, the
				advisory committee will be composed of up to five members, designated to serve
				thereon by the commissioner.
B. The
				factors considered in awarding grants shall include, but are not limited to,
				the following:
1. the financial strength and
				satisfactory prior experience of the applicant;
2. the ability of the applicant to invest new
				capital and to comply with the other requirements of the grant;
3. the potential of the applicant for
				providing property insurance as required by the Incentive Program at reasonable
				and competitive rates, particularly for property owners in the following
				Louisiana parishes: Acadia, Allen, Ascension, Assumption, Beauregard,
				Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberia,
				Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston,
				Orleans, Plaquemines, Pointe Coupee, Sabine, St. Bernard, St. Charles, St.
				Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St.
				Tammany, Tangipahoa, Terrebonne, Vermilion, Vernon, Washington, West Baton
				Rouge, and West Feliciana;
4. the
				marketing and claims handling capability and experience of the applicant, and
				particularly its ability to market property insurance in the parishes listed in
				§4815.B.3 and to handle
				future claims that may arise;
5.
				the applicant's longevity in the Incentive Program, including a statement or
				plan of operation by the applicant demonstrating its intent to remain in this
				state following the completion of the Incentive Program;
6. the current licensure of the applicant
				where preference and priority will be given to those admitted property insurers
				that are currently licensed to do business in this state for the line or lines
				of business that are the subject of the grant; and
7. any other factors that the commissioner
				deems applicable, relevant and appropriate in carrying out the purpose and
				intent of the Incentive Program.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4817 - Authorized Insurers

Current through Register Vol. 50, No. 6, June 20, 2024
A. A surplus lines
				insurer may apply for a grant, provided that the surplus lines insurer shall,
				contemporaneously with the grant application, file an application for licensure
				with the department for the line or lines of insurance for which it must be
				authorized and licensed to write for a grant award. If specifically requested
				in writing by the grant applicant in the application for licensure, such
				application will be processed contingent upon approval of a grant
				award.
B. A surplus lines insurer
				must obtain a certificate of authority to do business in Louisiana as an
				authorized insurer before it may actually receive grant funding.
C. If the surplus lines insurer does not
				apply timely to be admitted or subsequently is not approved for a certificate
				of authority, the surplus lines insurer shall not be entitled to receive a
				grant.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4819 - Certification of Deposit

Current through Register Vol. 50, No. 6, June 20, 2024
A. Within 10 days
				of receipt of any Incentive Program Funds, the grantee shall provide to the
				commissioner written certification signed by two principal officers of the
				grantee that the Incentive Program Funds have been deposited in an account held
				in the name of the grantee and pledged to the department.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4821 - Property Insurance Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. The grantee
				shall write new property insurance in Louisiana of the types described in
				R.S.
				22:2369 and this Section of Emergency
				Rule
				48 with net written premiums of
				at least a ratio of $2 of premium for each $1 of the total of newly allocated
				property insurer capital combined with the grant from the Incentive Program
				Fund. Thus, if the grantee allocates $2,000,000 in capital and receives a
				matching state grant of $2,000,000, the grantee must write property insurance
				in Louisiana with net premiums of at least $8,000,000.
B. To comply with the requirements of the
				grant, new property insurance written by the grantee shall be residential,
				commercial, mono-line, or package property insurance policies in this state and
				shall include coverage for wind and hail with limits equal to the limits
				provided for other perils insured under such policies.
C. The net written premium requirements of
				this Section shall be satisfied only by new property insurance coverages
				reported on the Annual Statement State Page filed with the department under
				lines 1 (Fire), 2.1 (Allied Lines), 3 (Farmowners), 4 (Homeowners), or 5.1
				(Commercial Multiperil Non-liability).
D. Grantees shall also comply with the
				following.
1. In the first 24 months after
				receipt of matching capital fund grants, the grantee shall write at least 50
				percent of the net written premiums for policyholders whose insured property is
				located in the parishes listed in
				§4815.B.3 The grantee
				shall maintain this net written premium ratio over five years to fully earn the
				matching capital fund grant in accordance with
				R.S.
				22:2370 unless an extension has been granted
				by the commissioner under
				R.S.
				22:2370.B or
				§4827.C of Emergency
				Rule
				48
2. The net written premium ratio of
				§4821.D.1 applies only
				to the net minimum premium required under
				§4821.A Thus, the
				grantee may write additional Louisiana property coverage without regard to the
				ratio required by
				§4821.D.1
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4823 - Funding Schedule

Current through Register Vol. 50, No. 6, June 20, 2024
A. Unless expedited
				funding is requested by the grantee and authorized by the commissioner, a grant
				that has been fully approved shall be funded on the next regular quarterly
				period thereafter, i.e., January 1, April 1, July 1, or October 1.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4825 - Reporting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. Grantee shall
				segregate and report any grants received on the line titled "Aggregate Write-In
				for Special Surplus Funds" in the NAIC Annual and Quarterly Statement
				Blanks.
B. Grantee shall report
				annually by March 1 and quarterly by May 15, August 15, and November 15 of each
				year on a form acceptable to the commissioner the following information for the
				preceding year and quarter ends:
1. the amount
				of premium written by parish under the Incentive Program;
2. the amount of premium by parish associated
				with properties located in the parishes listed in
				§4815.B.3
3. the amount of premium by parish taken-out
				from the Louisiana Citizens Property Insurance Corporation.
4. the amount of premium by parish, including
				and in addition to that written under the Incentive Program.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4827 - Compliance

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				commissioner shall conduct an examination under
				R.S.
				22:1981, financial analysis under
				R.S.
				22:1984 and/or investigation annually, or
				more often as the commissioner deems necessary to determine the grantee's
				compliance with the requirements of the grant, as per
				R.S.
				22:2361 et seq., and Emergency
				Rule
				48 In addition to the
				requirements of
				R.S.
				22:2361 et seq., the Department may require
				such reports and/or conduct such examinations, financial analysis or
				investigations as the commissioner deems necessary to verify compliance with
				the property insurance requirements set forth in the Incentive Program and
				Emergency Rule 48
B. The commissioner shall submit annual and
				quarterly reports on the Incentive Program to the House Committee on
				Appropriations, the Senate Committee on Finance, and the House and Senate
				Committees on Insurance containing information for the preceding year and
				quarter, respectively, detailing the following:
1. the amount of premium written by parish
				and by grantee under the Incentive Program;
2. the amount of premium by parish and by
				grantee associated with the property located in the parishes listed in
				§4815.B 3;
3. the amount of premium by parish and by
				grantee taken-out from the Louisiana Citizens Property Insurance Corporation;
				and
4. the total amount of premium
				for each grantee by parish, including the premium written under the Incentive
				Program.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4829 - Monitoring

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				commissioner shall expedite the approval of certificates of authority, rate
				filings, form filings, and other necessary regulatory approvals of qualified
				insurers to facilitate the underwriting of new policies pursuant to the
				Incentive Program.
B. The
				commissioner shall monitor the financial solvency of grantees by evaluating the
				adequacy of insurer reinsurance programs using catastrophe model stress tests
				of the grantee's book of business.
C. The commissioner shall take any action
				necessary to ensure that grantees remain financially solvent.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4831 - Earned Capital

Current through Register Vol. 50, No. 6, June 20, 2024
A. A grantee who
				has received a grant is entitled to earn the grant at the rate of 20 percent
				per earning period for the last 12 months of that earning period in which the
				grantee is in compliance with the requirements of
				R.S.
				22:2361 et seq., and Emergency Rule 48, such
				that the grantee may earn the entire grant after five years of full compliance
				with the requirements.
B. The
				grantee may begin to earn the grant from the reporting period in which the
				grantee first demonstrates that its net written premiums have reached
				compliance with all requirements of
				§4821.D.1 The grantee
				will earn 20 percent of the grant in each 12-month period thereafter in which
				the grantee demonstrates that it has maintained compliance with all
				requirements for net written premiums. Thus, if in compliance with
				§4821.D 1, the grantee
				may begin to earn the grant at the end of the first year.
C. Upon verification of the net written
				premium requirements during the preceding 12 months, the commissioner will
				issue written declaration that the grantee has earned 20 percent of the grant
				or a pro rata share thereof awarded to the grantee. No funds may be earned by
				the grantee until it receives official notification from the
				commissioner.
D. If the grantee
				does not meet the grant requirements during any year but shows promise of
				future compliance based on good cause having been demonstrated, the
				commissioner may extend the period of time from five years in order for the
				grantee to earn the entire grant. The extension may be granted for up to one
				year.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4833 - Declaration of Default

Current through Register Vol. 50, No. 6, June 20, 2024
A. The commissioner
				may declare a grantee in default of the requirements for a grant should it be
				found that any of the following exists.
1.
				The grantee fails at any time to meet the specific minimum requirements of
				§4813.A 1-4. The
				commissioner may take into consideration the effects of the Incentive Program,
				including efforts demonstrated by the grantee, when monitoring compliance with
				this criteria.
2. The grantee fails
				to maintain a certificate of authority for the line or lines of insurance
				written pursuant to the grant program.
3. The grantee fails to meet the specific
				requirements of
				§4821
4. The grantee fails to comply with any other
				applicable provisions of
				R.S.
				22:2361 et seq., or Emergency
				Rule
				48
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4835 - Cooperative Endeavor Agreements

Current through Register Vol. 50, No. 6, June 20, 2024
A. In
				furtherance of
				R.S.
				22:2361 et seq., and in accordance with
				R.S.
				22:2363.A, the grantee shall execute a
				cooperative endeavor agreement with and in a form prescribed by the
				commissioner subject to approval by the Office of State Procurement of the
				Division of Administration.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4837 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any
				provision of Emergency
				Rule
				48 or its application to any
				person or circumstance is held invalid, such invalidity shall not affect other
				provisions or applications of Emergency
				Rule
				48 that can be given effect
				without the invalid provision or application, and to that end, the provisions
				of Emergency
				Rule
				48 are severable.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4839 - Confidentiality

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any and all
				records, documents and information associated with the Incentive Program that
				are deemed confidential or privileged pursuant to
				R.S.
				44:1 et seq., Title 22 or any state or
				federal law will remain confidential or privileged.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XI - Rules › Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program › Section XI-4841 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. Emergency
				Rule
				48 shall be effective on February
				6, 2023.
AUTHORITY NOTE:
				  Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and
				  Act No. 2 of the 2023 Extraordinary Session,
				  R.S.
				  22:11,
				  22:2361 et seq., and the
				  Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this regulation is to set forth rules and procedural requirements which the
				commissioner deems necessary to carry out the provisions of Act 294 of the 2012
				Regular Legislative Session to be comprised of
				R.S.
				22:691.1-691.27 of the
Insurance
				Code
. The information called for by this regulation is hereby declared
				to be necessary and appropriate in the public interest and for the protection
				of the policyholders in this state.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-103 - Severability Clause

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any
				provision of this regulation, or the application thereof to any person or
				circumstance, is held invalid, such determination shall not affect other
				provisions or applications of this regulation which can be given effect without
				the invalid provision or application, and to that end the provisions of this
				regulation are severable. amended LR 19:501 (April 1993), amended by the Office
				of the Commissioner, LR 41:1295 (July 2015), LR 42:1932 (November 2016).
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-105 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of
				this Rule, the definitions detailed below shall apply.
Executive Officer
-chief executive officer,
				  chief operating officer, chief financial officer, treasurer, secretary,
				  controller, and any other individual performing functions corresponding to
				  those performed by the foregoing officers under whatever title.
The Act
-the Insurance Holding Company System
				  Regulatory Act (R.S.
				  22:691.1-691.27).
Ultimate Controlling Person
-that person or
				  persons who is not controlled by any other person. Person shall be defined
				  pursuant to
				  R.S.
				  22:691.2(7).
B. Unless the context otherwise
				requires, other terms found in this regulation and in
				R.S.
				22:691.2 are used as defined in the Act.
				Other nomenclature or terminology is according to the
Insurance
				Code,
or industry usage if not defined by the Code.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-107 - Subsidiaries of Domestic Insurers

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The authority to invest in subsidiaries under
				R.S.
				22:691.3(B) is in addition to
				any authority to invest in subsidiaries which may be contained in any other
				provision
of the Insurance Code.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-109 - Acquisition of Control-Statement Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A. A person required to file a statement
				pursuant to
				R.S.
				22:691.4 shall furnish the required
				information on form A, hereby made a part of this regulation. Such person shall
				also furnish the required information on form E, hereby made a part of this
				regulation and described in
				§141 of this regulation.
B. A person required to file a notice of
				change of control due to testate or intestate inheritance or by appointment as
				a succession representative shall submit the following to the commissioner
				within thirty days of the testate or intestate or appointment as a succession
				representative.
1. A copy of the order
				appointing the succession representative, a copy of the judgment of possession
				transferring ownership, and any other such succession or inheritance documents
				as the commissioner may require.
2.
				Such biographical information as the commissioner may require.
3. Such other information as the commissioner
				may require.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-111 - Amendments to Form A

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				applicant shall promptly advise the commissioner of any changes in the
				information so furnished on Form A arising subsequent to the date upon which
				such information was furnished but prior to the commissioners disposition of
				the application. If change(s) to the Form A should occur after the
				commissioners approval of the application but prior to the closing date of the
				sale, the applicant shall be required to notify the commissioner in writing
				within 15 days of such change(s). Upon receipt of such notice of change(s), the
				commissioner has the option to modify or rescind his approval and may require a
				new hearing on the application.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-113 - Acquisition of Section 691.4(A)(4) Insurers

Current through Register Vol. 50, No. 6, June 20, 2024
A. If the person being acquired is deemed to
				be a domestic insurer solely because of the provisions of
				R.S.
				22:691.4(A)(4), the name of
				the domestic insurer on the cover page should be indicated as follows:
1. "ABC Insurance Company, a subsidiary of
				XYZ Holding Company".
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-114 - Pre-Acquisition Notification

Current through Register Vol. 50, No. 6, June 20, 2024
A. If a
				domestic insurer, including any person controlling a domestic insurer, is
				proposing a merger or acquisition pursuant to
				R.S.
				22:691.4(A)(1), that person
				shall file a pre-acquisition notification form, form E, which was developed
				pursuant to
				R.S.
				22:691.5(C)(1).
B. Additionally, if a non-domiciliary insurer
				licensed to do business in this state is proposing a merger or acquisition
				pursuant to
				R.S.
				22:691.5, that person shall file a
				pre-acquisition notification form, form E. No pre-acquisition notification form
				need be filed if the acquisition is beyond the scope of
				R.S.
				22:691.5 as set forth in
				R.S.
				22:691.5(B)(2).
C. In addition to the information required by
				form E, the commissioner may wish to require an expert opinion as to the
				competitive impact of the proposed acquisition.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-115 - Annual Registration of Insurers-Statement Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A. An insurer required to file an annual
				registration statement pursuant of
				R.S.
				22:691.6 shall furnish the required
				information on Form B, hereby made a part of this regulation. An ultimate
				controlling person (an individual) or persons (more than one individual) of a
				domestic insurer licensed and writing only in Louisiana may file an unaudited
				balance sheet in lieu of a reviewed financial statement.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-117 - Summary of Registration-Statement Filing

Current through Register Vol. 50, No. 6, June 20, 2024
A. An insurer required to file an annual
				registration statement pursuant to
				R.S.
				22:691.6 is also required to furnish
				information required on form C, hereby made a part of this
				regulation.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 1 - Regulation Number 31-Holding Company › Section XIII-119 - Amendments to Form B

Current through Register Vol. 50, No. 6, June 20, 2024
A. An amendment
				to form B shall be filed within 15 days after the end of any month in which
				there is a material change to the information provided in the annual
				registration statement.
B.
				Amendments shall be filed in the form B format with only those items which are
				being amended reported. Each such amendment shall include at the top of the
				cover page "Amendment Number (insert number) to form B for (insert year)" and
				shall indicate the date of the change and not the date of the original
				filings.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:691.1-691.27.