Louisiana Revised Statutes Tit. 22, § 81. Capital requirements; applicants prior to September 1, 1989

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

A. Domestic stock 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 paid-in capital and minimum surplus represented by assets as follows:

	Insurance	Paid-in Capital	Minimum Surplus
(1)	Life	$ 100,000	$ 200,000
(2)	Health and accident	100,000	200,000
	(1) and (2) above	100,000	200,000
(3)	Vehicle	650,000	350,000
(4)	Liability	650,000	350,000
(5)	Workers' compensation
	(a)	Any company organized and authorized to transact workers' compensation only on or before July 27, 1966	100,000	50,000
	(b)	Any company organized and authorized to transact workers' compensation only after July 27, 1966	650,000	350,000
(6)	Burglary and forgery	650,000	350,000
(7)	Fidelity	650,000	350,000
(8)	Title
	(a)	Any company licensed to transact title insurance prior to September 1, 1985	50,000	25,000
	(b)	Any company licensed to transact title insurance on or after September 1, 1985	100,000	200,000
(9)	Fire and allied lines	650,000	350,000
(10)	Steam boiler and sprinkler leakage	650,000	350,000
(11)	Crop
	(a)	Any company organized and authorized to transact crop insurance only on or before July 27, 1966	100,000	150,000
	(b)	Any company organized and authorized to transact crop insurance only after July 27, 1966	650,000	350,000
(12)	Marine and transportation	650,000	350,000
(13)	Miscellaneous	650,000	350,000
(14)	Homeowners' insurance	650,000	350,000
(15)	Credit life, health, and accident insurance	100,000	200,000
(16)	Credit property and casualty insurance	650,000	350,000
(17)	Annuity	100,000	200,000
(18)	Surety	650,000	350,000
(19)	Industrial fire	200,000	100,000
(20)	All insurances, except life and title or	650,000	350,000
	combined capital and surplus	1,000,000

B. Authority shall be granted stock 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.

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

C. Domestic stock insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the paid-in capital, minimum surplus, operating surplus, and other requirements of R.S. 22:82.

D. Domestic stock insurers authorized to transact homeowners' insurance or fire and allied lines prior to September 1, 1989, shall have paid-in capital, 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, § 81. Capital 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-81/

Read this complete Louisiana Revised Statutes Tit. 22, § 81. Capital requirements; applicants prior to September 1, 1989 on Westlaw

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