Louisiana Revised Statutes 22:485 – Additional authority; risk retention groups
Terms Used In Louisiana Revised Statutes 22:485
- Commissioner: means the commissioner of insurance of Louisiana or the commissioner, director, or superintendent of insurance in any other state. See Louisiana Revised Statutes 22:482
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:
(a) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See Louisiana Revised Statutes 22:482
- State: means any state of the United States and the District of Columbia. See Louisiana Revised Statutes 22:482
The commissioner may refuse, suspend, or revoke the registration of a risk retention group whenever he shall find that such risk retention group meets any one of the following conditions:
(1) Is insolvent.
(2) Is in such condition that its further transaction of business in this state would be hazardous to the policyholders, creditors, or the public.
(3) Fails to pay any fees, taxes, or charges prescribed by this Title within sixty days after the same are due and payable.
(4) Has had its corporate existence dissolved or its certificate of authority revoked or suspended in the state in which it was organized.
(5) Refuses to remove or discharge an officer or director who has been convicted of any felony involving dishonesty or breach of trust, where the convicted person has not been granted a waiver under 18 USC 1033. The provisions of this Paragraph shall not apply to a risk retention group that is not domiciled in this state.
Acts 1995, No. 935, §1; Acts 2004, No. 376, §1; Redesignated from La. Rev. Stat. 22:2074.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.