Terms Used In Louisiana Revised Statutes > Title 14 > Chapter 1 > Part VIII - Concluding Provisions

• Commissioner: means the commissioner of insurance of Louisiana or the commissioner, director, or superintendent of insurance in any other state. See Louisiana Revised Statutes 22:482
• Commissioner: means the commissioner of alcohol and tobacco control. See Louisiana Revised Statutes 26:901
• Conviction: A judgement of guilt against a criminal defendant.
• Dealer: includes every person who manufactures or purchases cigars, cigarettes, or other tobacco products for distribution or resale in this state. See Louisiana Revised Statutes 26:901
• Exporter license: means the stamping agent designation as set forth in La. See Louisiana Revised Statutes 26:901
• Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, 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 22:482

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liability: means legal liability for damages including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from, or arising out of:

  (i)  Any business, whether profit or nonprofit, trade, product, services including professional services, premises, or operations. See Louisiana Revised Statutes 22:482

• Person: means any natural person, trustee, company, partnership, corporation, or other legal entity. See Louisiana Revised Statutes 26:901
• Plan of operation or a feasibility study: means an analysis which presents the expected activities and results of a risk retention group including, at a minimum:

  (a)  The coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer. See Louisiana Revised Statutes 22:482

• Retail dealer: includes every dealer other than a wholesale dealer, or manufacturer who sells or offers for sale cigars, cigarettes, other tobacco products, alternative nicotine products, or vapor products, irrespective of quantity or the number of sales. See Louisiana Revised Statutes 26:901
• Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:

  (a)  Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See Louisiana Revised Statutes 22:482

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means any state of the United States and the District of Columbia. See Louisiana Revised Statutes 22:482