Louisiana Revised Statutes 22:550.21 – Every captive insurer licensed in this state shall file each of the following with the department:
Terms Used In Louisiana Revised Statutes 22:550.21
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- Commissioner: means the commissioner of insurance. See Louisiana Revised Statutes 22:550.2
- Department: means the Department of Insurance. See Louisiana Revised Statutes 22:550.2
- Oath: A promise to tell the truth.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
Every captive insurer licensed in this state shall file each of the following with the department:
(1) Annually on or before March first, a statement of its financial condition for the year ending December thirty-first immediately preceding, and any amendment to the plan of operation at last year-end, verified by the oath of at least two of its executive officers. The statement shall be in the form prescribed by the commissioner.
(2) Annually on or before June thirtieth, an audited statement of the captive insurer’s financial condition prepared in accordance with generally accepted accounting principles in the United States for the year ending December thirty-first immediately preceding, which shall include all of the following:
(a) Report of independent certified public accountant.
(b) Balance sheet.
(c) Income statement.
(d) Statement of cash flows.
(e) Statement of changes in capital and surplus.
(f) Notes to financial statements.
(g) Report of evaluation of internal controls.
(h) Accountant’s letter.
(3) An annual actuarial certification of loss reserves and loss expense reserves which includes an opinion of the adequacy of the loss reserves and loss expense reserves of the captive insurer, in a format acceptable to the commissioner. The person that certifies the reserves shall be approved by the commissioner and shall be a qualified actuary as defined in the National Association of Insurance Commissioners Quarterly and Annual Statement Instructions-Property/Casualty.
Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3; Acts 2021, No. 370, §1.