Wherever used in this Part, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall have the following meanings:

            (1) “Bona fide trade or professional association” means an active trade or professional association that is chartered and domiciled in Louisiana, or a successor organization thereof, that meets all of the following requirements:

            (a) Promotes Louisiana timber or agriculture production.

            (b) Provides industry support and services to its membership.

            (c) Is organized or created for purposes other than the sponsorship, operation, or management of the fund or to provide a related employee safety program or other activity necessary to the operation of the fund.

            (d) Has been in existence and conducted regular meetings for a period of not less than five years.

            (2) “Department” means the Department of Insurance.

            (3) “Fund” means the self-insurance fund established pursuant to this Part to provide automobile coverage for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles and shall be known as the Louisiana Agriculture Transportation Group Self-Insured Fund.

            (4) “Hazardous financial condition” means a condition in which, based upon its present or reasonably anticipated financial condition, the fund, although not yet financially impaired or insolvent, is unlikely to be able to:

            (a) Meet obligations with respect to known claims and reasonably anticipated claims.

            (b) Pay other obligations in the normal course of business.

            (5) “Insolvency” means the condition existing when the fund’s liabilities are greater than the fund’s assets as determined in accordance with generally accepted accounting principles as delineated in the fund’s financial statement audited by an independent certified public accountant and calculated before a member distribution is payable or before a dividend is declared.

            (6) “Operator” means a person, partnership, corporation, or limited liability company who owns or operates a timber or agriculture transportation vehicle.

            (7) “Principal” means a person or persons who own a majority interest or the majority of the stock in a corporation, partnership, or limited liability company that is established for the purpose of operating a timber or agriculture business and is a member of the fund.

            (8) “Timber or agriculture transportation vehicle” means a vehicle or automobile used to collect and transport timber or agriculture products, or used in the course and scope of a timber or agriculture business, or used by an operator or principal.

            (9) “Timber or agriculture transportation vehicle coverage” means automobile coverage for a timber or agriculture transportation vehicle that includes any of the following:

            (a) Liability payment for bodily injury caused by the operator of a timber or agriculture transportation vehicle.

            (b) Collision coverage to provide payment for repairs or replacement of a timber or agriculture transportation vehicle.

            (c) Comprehensive coverage to provide payment to repair or replace the timber or agriculture transportation vehicle if it is damaged by some means other than a collision.

            (d) Uninsured motorist coverage as defined in La. Rev. Stat. 22:1295.

            Acts 2022, No. 586, §1, eff. June 17, 2022; Acts 2022, No. 598, §1, eff. June 18, 2022; Acts 2023, No. 191, §2, eff. June 8, 2023.