Louisiana Revised Statutes 22:550.19 – Prohibited acts regarding solicitation or sale
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Terms Used In Louisiana Revised Statutes 22:550.19
- Association: means a legal entity consisting of two or more corporations, partnerships, associations or other forms of business organizations that are engaged in businesses or activities similar or related to a common business, trade, product, services, premises or operations. See Louisiana Revised Statutes 22:550.2
- Captive insurer: means any pure captive insurer or association captive insurer formed or licensed under the provisions of this Subpart. See Louisiana Revised Statutes 22:550.2
- Hazardous financial condition: means that, based upon its present or reasonably anticipated financial condition, a captive insurer, although not yet financially impaired or insolvent, is unlikely to be able to:
(a) Meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See Louisiana Revised Statutes 22:550.2
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
The following acts by a captive insurer are hereby prohibited:
(1) The solicitation or sale of insurance by an association captive insurer to any person who is not eligible for membership in such association.
(2) The solicitation or sale of insurance by, or operation of, a captive insurer that is in a hazardous financial condition or is financially impaired.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3.