Louisiana Revised Statutes 22:488 – Purchasing groups exemption from certain laws relating to the group purchase of insurance
Terms Used In Louisiana Revised Statutes 22:488
- 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
- Purchasing group: means any group domiciled in any state which:
(a) Has as one of its purposes the purchase of liability insurance on a group basis. 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
Any purchasing group meeting the criteria established under the laws of this state shall be exempt from any law of this state relating to the creation of groups for the purchase of insurance, prohibition of group purchasing or any law that would discriminate against a purchasing group or its members. In addition, an insurer shall be exempt from any law of this state which prohibits providing or offering to provide to a purchasing group or its members advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters. A purchasing group shall be subject to all other applicable laws of this state.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Redesignated from La. Rev. Stat. 22:2077 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.