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0 chapters · 1,747 sections in this title.
La. Rev. Stat. § 22:652 Reduction from liability for ceded reinsurance
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§652. Reduction from liability for ceded reinsurance A reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer that fails to satisfy the requirements of R.S. 22:651 shall be allowed in an amount not exceeding the liabilities carried by the …
La. Rev. Stat. § 22:653 Qualified United States financial institutions
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§653. Qualified United States financial institutions A. Only for purposes of R.S. 22:652(3), a "qualified United States financial institution" means an institution that: (1) Is organized, or, in the case of a United States office of a foreign banking organization, licensed under …
La. Rev. Stat. § 22:654 Calculation of reinsurance credits
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§654. Calculation of reinsurance credits A. For the purpose of determining the financial condition of a ceding insurer, only if such reinsurance is effected by the ceding insurer in any assuming insurer authorized to do such business in this state, the ceding insurer shall, in ad…
La. Rev. Stat. § 22:655 Unearned premium reserve; reduction below required amount prohibited
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§655. Unearned premium reserve; reduction below required amount prohibited Nothing contained in R.S. 22:651 through 655 shall be deemed to permit the ceding insurer to receive through the cession of the whole or any part of any risk or risks any advantage whereby its unearned pre…
La. Rev. Stat. § 22:656 Agreements requiring approval
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§656. Agreements requiring approval A. The following kinds of reinsurance agreements shall not be entered into by any domestic insurer unless they are first submitted to the commissioner of insurance for his written approval, who shall approve the same if the terms thereof do not…
La. Rev. Stat. § 22:657 Pending actions
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§657. Pending actions A. Whenever an insurer agrees to assume and carry out directly with the policyholder any of the policy obligations of the ceding insurer under a reinsurance agreement, any claim existing or action or proceeding pending arising out of such policy by or agains…
La. Rev. Stat. § 22:658 Certificate of fees and commissions paid
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§658. Certificate of fees and commissions paid Whenever a reinsurance agreement is submitted to the commissioner of insurance for his approval, there shall be filed with him a certificate with regard to fees, commissions and other compensations or valuable considerations paid or …
La. Rev. Stat. § 22:659 Pecuniary interest of directors and officers
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§659. Pecuniary interest of directors and officers No director or officer of any insurer, party to a reinsurance agreement, except as fully expressed in the reinsurance agreement, shall receive any fee, commission, other compensation or valuable consideration whatever, directly o…
La. Rev. Stat. § 22:66 Initial examination: issuance of certificate of authority
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§66. Initial examination: issuance of certificate of authority Upon receipt of the application for a certificate of authority, the commissioner of insurance shall cause an initial examination to be made of the corporation. If, in the opinion of the commissioner of insurance, the …
La. Rev. Stat. § 22:660 Unauthorized insurers
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§660. Unauthorized insurers It shall be unlawful for a domestic insurer to assume reinsurance from another insurer on lines of insurance such domestic insurer is not authorized to write in the state of Louisiana. Added by Acts 1979, No. 316, §1; Acts 1995, No. 1182, §2; Redesigna…
La. Rev. Stat. § 22:661 Authorization
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§661. Authorization A. The commissioner may adopt, pursuant to the provisions of this Title and the Administrative Procedure Act, R.S. 49:950 et seq., rules and regulations to implement any provision of this Subpart. B. The commissioner may further adopt rules and regulations app…
La. Rev. Stat. § 22:67 Amendment to articles of incorporation
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§67. Amendment to articles of incorporation A. An incorporated insurer may, at a meeting of the shareholders or members duly called upon notice for this specific purpose and in the manner herein provided, amend its articles of incorporation. Such amendment altering the articles m…
La. Rev. Stat. § 22:671 Title
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§671. Title This Subpart shall be known and may be cited as the "Audited Financial Reports Law". Acts 1990, No. 264, §1; Redesignated from R.S. 22:1321 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009. NOTE: Former R.S. 22:671 redesignated as R.S. 22:1291 by Acts 2008, No. 415, §1, e…
La. Rev. Stat. § 22:672 Purpose and scope
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§672. Purpose and scope The purpose of this Subpart is to improve the commissioner's surveillance of the financial condition of insurers by requiring an annual audit by independent certified public accountants of the financial statements reporting the financial condition and the …
La. Rev. Stat. § 22:673 Audited financial report
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§673. Audited financial report By June first of each year, every admitted insurer in the state shall file an annual financial report for the immediately preceding year ending December thirty-first, audited by a certified public accountant as required by the National Association o…
La. Rev. Stat. § 22:674 Exemptions and filing dates
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§674. Exemptions and filing dates A.(1) The commissioner shall grant an exemption from the provisions of this Subpart if: (a) After written application for an exemption submitted by an insurer, the commissioner determines that compliance with this Subpart would constitute a finan…
La. Rev. Stat. § 22:675 Rules and regulations
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§675. Rules and regulations The commissioner shall adopt reasonable rules and regulations for the implementation and administration of the provisions of this Subpart in accordance with the Louisiana Administrative Procedure Act, R.S. 49:950 et seq. Acts 1990, No. 264, §1; Acts 19…
La. Rev. Stat. § 22:68 Books and records of domestic insurer; securities
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§68. Books and records of domestic insurer; securities A. Every domestic and redomesticated insurer shall keep its books, records, documents, accounts, and vouchers in such manner that its financial condition, affairs, and operations can be ascertained and so that its financial s…
La. Rev. Stat. § 22:69 Business Corporation Law governs when Insurance Code silent
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§69. Business Corporation Law governs when Insurance Code silent The provisions of the Louisiana Business Corporation Law, as provided in R.S. 12:1 through R.S. 12:178, and other provisions of said Title 12 relative to business corporations, shall apply to the regulation of the b…
La. Rev. Stat. § 22:691.1 Title
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§691.1. Title This Subpart shall be known and may be cited as the "Insurance Holding Company System Regulatory Law". Acts 2012, No. 294, §1.
La. Rev. Stat. § 22:691.10 Confidential treatment
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§691.10. Confidential treatment A.(1) Documents, materials, or other information in the possession or control of the department that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to R.S. 22:691.…
La. Rev. Stat. § 22:691.11 Rules and regulations
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§691.11. Rules and regulations The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this Subpart. Acts 2012, No. 294, §1.
La. Rev. Stat. § 22:691.12 Injunctions; prohibitions against voting securities; sequestration of voting securities
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§691.12. Injunctions; prohibitions against voting securities; sequestration of voting securities A. Injunctions. If at the discretion of the commissioner, it appears that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violat…
La. Rev. Stat. § 22:691.13 Sanctions
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§691.13. Sanctions A. Except as provided in R.S. 22:691.5(E)(3), any insurer failing, without just cause, to file any registration statement as required in this Subpart shall be required, after notice and an opportunity to be heard, to pay a penalty of one hundred dollars for eac…
La. Rev. Stat. § 22:691.14 Receivership
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§691.14. Receivership If at the discretion of the commissioner, it appears that any person has committed a violation of this Subpart which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardou…
La. Rev. Stat. § 22:691.15 Recovery
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§691.15. Recovery A. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer either of following: (1) From any parent corporation or holding company or pers…
La. Rev. Stat. § 22:691.16 Revocation, suspension, or nonrenewal of insurer's authority
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§691.16. Revocation, suspension, or nonrenewal of insurer's authority If at the discretion of the commissioner, it appears that any person has committed a violation of this Subpart which makes the continued operation of an insurer contrary to the interests of policyholders or the…
La. Rev. Stat. § 22:691.17 Judicial review; mandamus
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§691.17. Judicial review; mandamus A. Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this Subpart may appeal to the Nineteenth Judicial District Court in and for the parish of East Baton Rouge. The co…
La. Rev. Stat. § 22:691.18 Severability
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§691.18. Severability The provisions of this Subpart are severable. If any provision or item of this Subpart, or application thereof, is held invalid, such invalidity shall not affect other provisions, items, or applications of this Subpart which are to be given effect without th…
La. Rev. Stat. § 22:691.19 Substitution of policies; charge by lender prohibited; penalty
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§691.19. Substitution of policies; charge by lender prohibited; penalty A. It shall be unlawful for any person, firm, or corporation engaged in financing the purchase of immovable or movable property, or of lending money on the security of immovable or movable property, or for an…
La. Rev. Stat. § 22:691.2 Definitions
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§691.2. Definitions As used in this Subpart, the following terms have the meanings ascribed in this Section unless the context clearly requires otherwise: (1) "Affiliate" means a person that directly or indirectly, through one or more intermediaries, controls, or is controlled by…
La. Rev. Stat. § 22:691.20 Ownership of domestic stock insurance company equity securities; filing of statements
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§691.20. Ownership of domestic stock insurance company equity securities; filing of statements Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurance company, or who is a director …
La. Rev. Stat. § 22:691.21 Profits to inure to company; suits to recover
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§691.21. Profits to inure to company; suits to recover For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purcha…
La. Rev. Stat. § 22:691.22 Unlawful sales
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§691.22. Unlawful sales It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (1) does not own the security sold, or (2) if owning the secur…
La. Rev. Stat. § 22:691.23 Sales exempt
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§691.23. Sales exempt The provisions of R.S. 22:691.21 shall not apply to any purchase and sale, or sale and purchase, and the provisions of R.S. 22:691.22 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him…
La. Rev. Stat. § 22:691.24 Arbitrage transactions
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§691.24. Arbitrage transactions The provisions of R.S. 22:691.20 through 691.22 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner of insurance may adopt in order to carry out the purposes o…
La. Rev. Stat. § 22:691.25 "Equity security" defined
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§691.25. "Equity security" defined The term "equity security" when used in R.S. 22:49* and 691.20 through 691.27, means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe t…
La. Rev. Stat. § 22:691.26 Securities exempt
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§691.26. Securities exempt The provisions of R.S. 22:691.20 through 691.22 shall not apply to such equity securities of a domestic stock insurance company if either of the following apply: (1) Such securities shall be registered or shall be required to be registered pursuant to S…
La. Rev. Stat. § 22:691.27 Rules and regulations
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§691.27. Rules and regulations The commissioner of insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by R.S. 22:49* and 691.20 through 691.27 and may for such purpose classify domestic stock insu…
La. Rev. Stat. § 22:691.3 Subsidiaries of insurers
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§691.3. Subsidiaries of insurers A. Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall…
La. Rev. Stat. § 22:691.31 Purpose and scope
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§691.31. Purpose and scope A. The purpose of this Subpart is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and the guidance and instructions for filing an ORSA summary report with the commissioner…
La. Rev. Stat. § 22:691.32 Definitions
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§691.32. Definitions For purposes of this Subpart: (1) "Insurance group" means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in R.S. 22:691.2(5). (2) "Insurer" means an insurer as defined in R.…
La. Rev. Stat. § 22:691.33 Risk management framework
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§691.33. Risk management framework An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which it…
La. Rev. Stat. § 22:691.34 ORSA requirement
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§691.34. ORSA requirement Subject to R.S. 22:691.36, an insurer, or the insurance group of which it is a member, shall regularly conduct an ORSA consistent with the ORSA Guidance Manual. An insurer, or the insurance group of which it is a member, shall conduct the ORSA no less th…
La. Rev. Stat. § 22:691.35 ORSA summary report
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§691.35. ORSA summary report A. Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicab…
La. Rev. Stat. § 22:691.36 Exemption
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§691.36. Exemption A. An insurer shall be exempt from the requirements of this Subpart, if both of the following apply: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured …
La. Rev. Stat. § 22:691.37 Contents of ORSA summary report
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§691.37. Contents of ORSA summary report A. The ORSA summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of Subsection B of this Section. Documentation and supporting information shall be maintained and made available upon examin…
La. Rev. Stat. § 22:691.38 Confidentiality
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§691.38. Confidentiality A. Documents, materials, or other information, including the ORSA summary report, in the possession or control of the commissioner that are obtained by, created by, or disclosed to the commissioner or any other person pursuant to this Subpart are propriet…
La. Rev. Stat. § 22:691.39 Sanctions
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§691.39. Sanctions Any insurer failing, without just cause, to timely file the ORSA summary report as required by this Subpart shall be required, after notice and an opportunity to be heard, to pay a penalty of one hundred dollars for each day's delay, to be recovered by the comm…
La. Rev. Stat. § 22:691.4 Acquisition of control of or merger with domestic insurer
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§691.4. Acquisition of control of or merger with domestic insurer A. Filing requirements. (1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acqui…
