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Louisiana Revised Statutes Tit. 22, § 550.31. Dormant captive insurance companies

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

A. As used in this Section, unless the context requires otherwise, “dormant captive insurance company” means a captive insurance company that has ceased transacting the business of insurance, including the issuance of insurance policies, and has no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy pursuant to this Section.

B. A captive insurance company domiciled in this state that meets the criteria of Subsection A of this Section may apply to the commissioner for a certificate of dormancy. The certificate of dormancy is subject to renewal every five years and shall be forfeited if not renewed within such time.

C. A dormant captive insurance company that has been issued a certificate of dormancy shall do all of the following:

(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than twenty-five thousand dollars; however, if the dormant captive insurance company had never capitalized, it is not required to add capital upon entering dormancy.

(2) Prior to March first of each year, submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers, in a form that may be prescribed by the commissioner.

(3) Pay a certificate of authority reactivation application fee of five hundred dollars in accordance with R.S. 22:821.

D. A dormant captive insurance company is not subject to or liable for the payment of any tax pursuant to R.S. 22:550.23.

E. A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.

F. The commissioner shall revoke a certificate of dormancy if a dormant captive insurance company no longer meets the criteria of Subsection A of this Section.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 22, § 550.31. Dormant captive insurance companies - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-22-sect-550-31/

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