™Your Policy Risk Impact Agent
0 chapters · 1,747 sections in this title.
La. Rev. Stat. § 22:2324 Powers and duties of the governing committee
1.1K chars
§2324. Powers and duties of the governing committee The governing committee, or its designee, shall, pursuant to the provisions of this Part and the plan, and with respect to essential property insurance on insurable property, have the power on behalf of the participants: (1) To …
La. Rev. Stat. § 22:2325 Board of directors of the plan
0.3K chars
§2325. Board of directors of the plan The governing committee of the plan shall be a board of directors which shall consist of seven representatives of participants in the plan. Acts 2004, No. 761, §1, eff. July 6, 2004; Redesignated from R.S. 22:1441.4 by Acts 2008, No. 415, §1,…
La. Rev. Stat. § 22:2326 Functions of the plan
1.7K chars
§2326. Functions of the plan A. All participants in the plan shall participate in its writings, expenses, profits, and losses in the proportion that the net direct premium of such participant written in this state during the preceding calendar year bears to the aggregate net dire…
La. Rev. Stat. § 22:2327 Plan; review and approval
2.0K chars
§2327. Plan; review and approval A.(1) The plan shall set forth the number, qualifications, terms of office, and manner of election of the members of the governing committee and a participant shall, in accordance with the plan approved by the commissioner of insurance, be entitle…
La. Rev. Stat. § 22:2328 Eligibility; application
2.3K chars
§2328. Eligibility; application A.(1) Any person having an insurable interest in insurable property is entitled to apply to the governing committee of the plan, directly or through a representative, for such coverage and for an inspection of the property. Every such application s…
La. Rev. Stat. § 22:2329 Participants shall cede insurance to the plan
0.4K chars
§2329. Participants shall cede insurance to the plan Any participant in the plan shall cede to the plan one hundred percent of the essential property insurance written pursuant to and on the terms and conditions set forth in the plan. Acts 2004, No. 761, §1, eff. July 6, 2004; Re…
La. Rev. Stat. § 22:2330 Rates, rating plans, and rate rules applicable
0.5K chars
§2330. Rates, rating plans, and rate rules applicable The rates, rating plans, and rating rules applicable to the insurance written pursuant to the plan shall be those approved by the commissioner of insurance; however, such rates may include rules for classification of risks ins…
La. Rev. Stat. § 22:2331 Appeal to the commissioner; appeal to the court from the commissioner
0.7K chars
§2331. Appeal to the commissioner; appeal to the court from the commissioner Any person insured pursuant to R.S. 22:2322 through 2334 or his representative, or any affected insurer, who may be aggrieved by an act, ruling, or decision of the governing committee of the plan may, wi…
La. Rev. Stat. § 22:2332 Reports of inspection
0.5K chars
§2332. Reports of inspection All reports of inspection performed by or on behalf of the governing committee of the plan shall be made available to the participants in the plan and the commissioner of insurance. An applicant or his representative shall be entitled to a copy of any…
La. Rev. Stat. § 22:2333 Immunity from liability
0.8K chars
§2333. Immunity from liability There shall be no liability on the part of and no cause of action of any nature shall arise against the commissioner of insurance or any of his staff, or against the governing committee of the plan or anyone acting on its behalf, or against any serv…
La. Rev. Stat. § 22:2334 Annual report
0.9K chars
§2334. Annual report The governing committee of the plan or its designee shall file in the office of the commissioner of insurance on or before September first of each year a statement which shall summarize the transactions, conditions, operations, and affairs of the plan during …
La. Rev. Stat. § 22:2335 Examination of plan
0.5K chars
§2335. Examination of plan The commissioner of insurance may from time to time examine the plan when he deems it to be prudent and in undertaking such examination he may hold a public hearing. The expense of such examination shall be borne and paid by the plan participants who sh…
La. Rev. Stat. § 22:2336 Louisiana Joint Reinsurance Plan (FAIR Plan); definitions; personal property; option
2.4K chars
§2336. Louisiana Joint Reinsurance Plan (FAIR Plan); definitions; personal property; option to exclude A. As used in this Section and R.S. 22:2337 through 2347, unless the context otherwise requires: (1) "Designated area" means all of that area of the state designated in the plan…
La. Rev. Stat. § 22:2337 Louisiana Joint Reinsurance Plan; immunity from liability; commissioner of insurance
1.3K chars
§2337. Louisiana Joint Reinsurance Plan; immunity from liability; commissioner of insurance A. The Louisiana Joint Reinsurance Plan is hereby continued and reestablished and all insurers authorized to write and engage in writing property insurance within Louisiana on a direct bas…
La. Rev. Stat. § 22:2338 Powers and duties of the governing committee
1.0K chars
§2338. Powers and duties of the governing committee The governing committee shall, pursuant to the provisions of this Part and the plan, and with respect to essential property insurance on insurable property, have the power on behalf of the participants: (1) To cause to be issued…
La. Rev. Stat. § 22:2339 Board of directors of plan
0.3K chars
§2339. Board of directors of plan The governing committee of the plan shall be a board of directors which shall consist of seven representatives of participants in the plan. Acts 2004, No. 761, §1, eff. July 6, 2004; Redesignated from R.S. 22:1441.18 by Acts 2008, No. 415, §1, ef…
La. Rev. Stat. § 22:2340 Functions of participants in the plan
1.6K chars
§2340. Functions of participants in the plan A. All participants in the plan shall participate in the writings, expenses, profits, and losses in the proportion that the net direct premium of such participant written in this state during the preceding calendar years bears to the a…
La. Rev. Stat. § 22:2341 Plan
1.7K chars
§2341. Plan A.(1) The plan as filed and approved by the commissioner of insurance shall continue. The plan shall set forth the number, qualifications, terms of office, and manner of election of the members of the governing committee. The plan may include the assessment procedures…
La. Rev. Stat. § 22:2342 Eligibility; application
2.0K chars
§2342. Eligibility; application A. Any person having an insurable interest in insurable property is entitled to apply to the governing committee of the plan, directly or through a representative, for such coverage and for an inspection of the property. Every such application shal…
La. Rev. Stat. § 22:2343 Plan participants shall cede insurance
0.3K chars
§2343. Plan participants shall cede insurance All participants in the plan shall cede one hundred percent of the essential property insurance written pursuant to and on terms and conditions set forth in the plan. Acts 2004, No. 761, §1, eff. July 6, 2004; Redesignated from R.S. 2…
La. Rev. Stat. § 22:2344 Rates, rating plans, and rate rules applicable
0.5K chars
§2344. Rates, rating plans, and rate rules applicable Rates shall be in accordance with the rating plans approved by the commissioner of insurance for use by the Property Insurance Association of Louisiana; however, such rates may include rules for classification of risks insured…
La. Rev. Stat. § 22:2345 Reports of inspection
0.5K chars
§2345. Reports of inspection All reports of inspection performed by the governing committee of the plan shall be made available to the participants in the plan and the commissioner of insurance. An applicant or his representative shall be entitled to a copy of any inspection repo…
La. Rev. Stat. § 22:2346 Annual report
0.5K chars
§2346. Annual report The governing committee of the plan shall file in the office of the commissioner of insurance each year a statement which shall summarize the transactions, conditions, operations, and affairs of the plan during the preceding fiscal year ending September thirt…
La. Rev. Stat. § 22:2347 Examination of plan
0.5K chars
§2347. Examination of plan The commissioner of insurance may from time to time make an examination into the affairs of the plan when he deems it to be prudent and, in undertaking such examination, he may hold a public hearing. The expense of such examination shall be borne and pa…
La. Rev. Stat. § 22:236 Definitions
6.7K chars
§236. Definitions As used in this Subpart, the following terms shall have the respective meanings hereinafter set forth, unless the context shall otherwise require: (1) "Adoption date" means the date as of which the board of directors of the reorganizing mutual initially approves…
La. Rev. Stat. § 22:236.1 Conversion of mutual insurers and mutual insurance holding companies authorized
0.6K chars
§236.1. Conversion of mutual insurers and mutual insurance holding companies authorized A. A mutual insurer may, pursuant to R.S. 22:71 and 72 and to the provisions of this Subpart, reorganize into a stock insurance company that may be or become a subsidiary of a parent corporati…
La. Rev. Stat. § 22:236.10 Abandoning or amending plan of reorganization
0.6K chars
§236.10. Abandoning or amending plan of reorganization The reorganizing mutual may, by action of not less than two-thirds of its board of directors, abandon or amend the plan of reorganization at any time before the effective date. No amendment made after the public hearing requi…
La. Rev. Stat. § 22:236.11 Directors and officers of the reorganized company
0.4K chars
§236.11. Directors and officers of the reorganized company The directors and officers of the reorganizing mutual, unless otherwise specified in the plan of reorganization, shall serve as the directors and officers of the reorganized company until new directors and officers are du…
La. Rev. Stat. § 22:236.2 Plan of reorganization
2.6K chars
§236.2. Plan of reorganization A. A reorganizing mutual seeking to reorganize pursuant to the provisions of this Subpart shall submit a proposed plan of reorganization to the commissioner. The plan of reorganization shall include the following: (1) A statement analyzing the benef…
La. Rev. Stat. § 22:236.3 Consideration and dividend protections
5.6K chars
§236.3. Consideration and dividend protections A. In effecting a conversion of a reorganizing mutual, each eligible member shall be entitled to consideration in an amount equal to his or its equitable share of the value of the reorganizing mutual as provided for in the plan of re…
La. Rev. Stat. § 22:236.4 Approval by commissioner after public hearing
6.9K chars
§236.4. Approval by commissioner after public hearing A. The commissioner shall hold a public hearing upon notice as set forth in this Section to hear evidence upon whether the plan of reorganization properly protects the interests of the policyholders as such and as members, ser…
La. Rev. Stat. § 22:236.5 Approval by qualified voters
2.6K chars
§236.5. Approval by qualified voters A. The plan of reorganization shall be approved at a meeting convened for that purpose by a vote of not less than two-thirds of the qualified voters of the reorganizing mutual entitled to vote on matters and present or represented by special b…
La. Rev. Stat. § 22:236.6 Limitations on acquisition of beneficial ownership
3.0K chars
§236.6. Limitations on acquisition of beneficial ownership A. Except as otherwise specifically provided in the plan of reorganization, prior to and for a period of five years following the effective date of the reorganization, no person or persons acting in concert, other than th…
La. Rev. Stat. § 22:236.7 Limitations on compensation of directors, officers, agents, and employees
1.5K chars
§236.7. Limitations on compensation of directors, officers, agents, and employees Except as set forth in the plan of reorganization approved by the qualified voters and the commissioner or in a stock-based compensation program or arrangement using options or other securities prev…
La. Rev. Stat. § 22:236.8 Filing of certificate of compliance; effective date of reorganization
1.4K chars
§236.8. Filing of certificate of compliance; effective date of reorganization A. On or prior to the effective date of the reorganization, the reorganizing mutual shall file with the commissioner a certificate stating that: (1) All of the conditions set forth in the plan of reorga…
La. Rev. Stat. § 22:236.9 Effect of reorganization
2.0K chars
§236.9. Effect of reorganization A. With respect to the conversion of a mutual insurer, upon the effective date, the mutual insurer shall immediately become a stock insurer, all membership interests shall be extinguished, and the reorganized insurer or its parent corporation will…
La. Rev. Stat. § 22:2361 Short title
0.3K chars
§2361. Short title This Chapter shall be known as the "Insure Louisiana Incentive Program" and may be referred to as the "program". Acts 2007, No. 447, §1, eff. July 11, 2007; Redesignated from R.S. 22:3301 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2022, No. 754, §1.
La. Rev. Stat. § 22:2362 Purposes; public purpose
2.9K chars
§2362. Purposes; public purpose A. Louisiana currently is experiencing a crisis in the availability and affordability of insurance for residential and commercial properties. Louisiana property owners and their insurers sustained catastrophic losses in 2020 and 2021 from hurricane…
La. Rev. Stat. § 22:2363 Cooperative endeavors; grants; regulations
1.0K chars
§2363. Cooperative endeavors; grants; regulations A. The commissioner may implement the essential public purpose of this Chapter through public-private partnerships executed through cooperative endeavors with authorized insurers. Such endeavors may include matching capital fund g…
La. Rev. Stat. § 22:2364 Implementation; grant limitations
3.1K chars
§2364. Implementation; grant limitations A. The commissioner shall promulgate rules and regulations to implement this program in accordance with the Administrative Procedure Act, R.S. 49:950 et seq. B. When the program is ready for implementation, the commissioner shall issue a p…
La. Rev. Stat. § 22:2365 Minimum capital requirements
0.6K chars
§2365. Minimum capital requirements A. Grants shall be made only to insurers who satisfy minimum capital requirements as specified in the rules and regulations promulgated by the commissioner, which shall include capital and surplus exceeding ten million dollars, stable financial…
La. Rev. Stat. § 22:2366 Satisfactory prior experience
0.4K chars
§2366. Satisfactory prior experience As determined by the commissioner, grants shall be made only to insurers with satisfactory prior experience in writing property insurance or to new insurers whose management has satisfactory prior experience in property insurance. Acts 2007, N…
La. Rev. Stat. § 22:2367 Authorized insurers
0.5K chars
§2367. Authorized insurers Although a surplus lines insurer may apply for a grant, the insurer shall obtain a certificate of authority to do business in Louisiana before it may receive the grant funding. The commissioner may reallocate funds allocated to a surplus lines insurer i…
La. Rev. Stat. § 22:2368 Matching capital fund grants
0.6K chars
§2368. Matching capital fund grants A. The insurer shall make a commitment of capital of not less than two million dollars to write property insurance in this state that complies with the requirements of R.S. 22:2369. B. Matching capital fund grants authorized under this Chapter …
La. Rev. Stat. § 22:2369 Net written premium requirements
3.8K chars
§2369. Net written premium requirements A. For the purposes of this Chapter, "net written premiums" means the total premiums, exclusive of assessments and other charges, paid by policyholders to insurers for policies that comply with the provisions of this Section, minus any retu…
La. Rev. Stat. § 22:237 Corporate reorganization
0.4K chars
§237. Corporate reorganization The conversion of a mutual non-life insurer or a mutual non-life insurance holding company pursuant to R.S. 22:71 and 72 shall also comply with the provisions of this Subpart. "Mutual non-life insurer" and "mutual non-life insurance holding company"…
La. Rev. Stat. § 22:237.1 Applicability of provisions
0.3K chars
§237.1. Applicability of provisions The provisions of R.S. 22:71 and 72 shall apply to a demutualization of a mutual non-life insurance holding company which resulted from the reorganization of a domestic mutual non-life insurance company reorganized pursuant to R.S. 22:231 as if…
La. Rev. Stat. § 22:237.10 Filing of certificate of compliance; effective date of reorganization
1.4K chars
§237.10. Filing of certificate of compliance; effective date of reorganization A. On or prior to the effective date of the reorganization, the reorganizing mutual shall file with the commissioner a certificate stating that: (1) All of the conditions set forth in the plan of reorg…
La. Rev. Stat. § 22:237.11 Effect of reorganization
2.0K chars
§237.11. Effect of reorganization A. With respect to the conversion of a mutual insurer, upon the effective date, the mutual insurer shall immediately become a stock insurer, all membership interests shall be extinguished, and the reorganized insurer or its parent corporation wil…
La. Rev. Stat. § 22:237.12 Abandoning or amending plan of reorganization
0.5K chars
§237.12. Abandoning or amending plan of reorganization The reorganizing mutual may, by action of not less than two-thirds of its board of directors, abandon or amend the plan of reorganization at any time before the effective date. No amendment made after the public hearing requi…
