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Current as of January 01, 2023 | Updated by FindLaw Staff
Formerly cited as LA R.S. 22:435
A. A domestic reciprocal insurer, if it has otherwise complied with the provisions of this Code, may be authorized to exchange contracts of insurance in this state upon qualifying therefor and by having initial minimum assets as follows:
Insurance |
Initial
Minimum Surplus
|
|||
---|---|---|---|---|
(1) |
Health and accident |
$ 300,000 |
||
(2) |
Vehicle |
1,000,000 |
||
(3) |
Liability |
1,000,000 |
||
(4) |
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 |
||
(5) |
Burglary and forgery |
1,000,000 |
||
(6) |
Fidelity |
1,000,000 |
||
(7) |
Title |
75,000 |
||
(8) |
Fire and allied lines |
1,000,000 |
||
(9) |
Steam boiler and sprinkler damage |
1,000,000 |
||
(10) |
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 |
||
(11) |
Marine and transportation |
1,000,000 |
||
(12) |
Miscellaneous |
1,000,000 |
||
(13) |
Homeowners' insurance |
1,000,000 |
||
(14) |
Credit health and accident insurance |
300,000 |
||
(15) |
Credit property and casualty insurance |
1,000,000 |
||
(16) |
Surety |
1,000,000 |
||
(17) |
Industrial fire |
300,000 |
||
(18) |
All insurances, except life and title |
1,000,000 |
B. Domestic reciprocal insurers authorized to transact homeowners' insurance or fire and allied lines after August 1, 1967, shall have initial minimum surplus in the amount of five million dollars on or after December 31, 2026, and ten million dollars on or after December 31, 2031.
C. Domestic reciprocal insurers who apply for a certificate of authority on or after September 1, 2022, that includes the lines of homeowners' insurance or fire and allied lines shall have initial minimum surplus in the amount of ten million dollars.
Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 22, § 165. Minimum application and surplus requirements - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-22-sect-165/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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