Louisiana Revised Statutes 22:486 – Compulsory associations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 22:486
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Louisiana Revised Statutes 22:482
- 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
No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, its insureds, or any other claimant receive any benefit from any such fund for claims arising out of the operations of such risk retention group.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Redesignated from La. Rev. Stat. 22:2075 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.