Louisiana Revised Statutes 22:691.14 – Receivership
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Terms Used In Louisiana Revised Statutes 22:691.14
- Commissioner: means the commissioner of insurance, the commissioner's deputies, or the Department of Insurance, as appropriate. See Louisiana Revised Statutes 22:691.2
- Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing immovable or corporeal movable property. See Louisiana Revised Statutes 22:691.2
If at the discretion of the commissioner, it appears that any person has committed a violation of this Subpart which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed pursuant to the provisions contained in La. Rev. Stat. 22:73, 96, 731 et seq., 2001 et seq., as well as Subpart H of this Part and Chapter 9 of this Code.
Acts 2012, No. 294, §1.