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Louisiana Revised Statutes Tit. 22, § 111. Surplus requirements; applicants prior to September 1, 1989

Current as of January 01, 2023 | Updated by Findlaw Staff

Formerly cited as LA R.S. 22:121

A. Domestic mutual insurers who apply for a certificate of authority prior to September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having an initial minimum surplus represented by assets as follows:

Insurance

Initial
Minimum
Surplus

(1)

Life

$ 300,000

(2)

Health and accident

300,000

(1) and (2) above

300,000

(3)

Vehicle

1,000,000

(4)

Liability

1,000,000

(5)

Workers' compensation

(a)

Any company organized and authorized to transact workers' compensation only on or before July 27, 1966

150,000

(b)

Any company organized and authorized to transact workers' compensation only after July 27, 1966

1,000,000

(6)

Burglary and forgery

1,000,000

(7)

Fidelity

1,000,000

(8)

Title

75,000

(9)

Fire and allied lines

1,000,000

(10)

Steam boiler and sprinkler leakage

1,000,000

(11)

Crop

(a)

Any company organized and authorized to transact crop insurance only on or before July 27, 1966

250,000

(b)

Any company organized and authorized to transact crop insurance only after July 27, 1966

1,000,000

(12)

Marine and transportation (except hull)

1,000,000

(13)

Miscellaneous

1,000,000

(14)

Homeowners' insurance

1,000,000

(15)

Credit life, health, and accident insurance

300,000

(16)

Credit property and casualty insurance

1,000,000

(17)

Annuity

300,000

(18)

Surety

1,000,000

(19)

Industrial fire

300,000

(20)

All insurances, except life and title

1,000,000

B. Authority shall be granted mutual insurers upon compliance with all applicable requirements to transact combinations of kinds of insurance except as follows:

(1) An insurer authorized to transact life insurance shall not be authorized to transact any additional kind of insurance other than:

(a) Health and accident insurance.

(b) Annuity.

(c) Credit life, health, and accident insurance.

(2) An insurer authorized to transact title insurance shall not be authorized to transact any additional kind of insurance.

C. Domestic mutual insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the initial minimum surplus and operating surplus requirements and other requirements of R.S. 22:112.

D. Domestic mutual insurers authorized to transact homeowners' insurance or fire and allied lines prior to September 1, 1989, shall have initial minimum surplus and operating surplus in the amount of five million dollars on or after December 31, 2026, and ten million dollars on or after December 31, 2031.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 22, § 111. Surplus requirements; applicants prior to September 1, 1989 - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-22-sect-111/

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