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Current as of January 01, 2023 | Updated by FindLaw Staff
A. If the fund chooses to dissolve, it shall apply to the department for the authority to dissolve. An application to dissolve shall be on a form prescribed by the department and shall be approved or disapproved by the department within sixty days of receipt.
B. The dissolution of the fund without authorization is prohibited and shall not absolve or release the fund, a member, or any person or entity which has executed an indemnity agreement from the fund's or person's obligations incurred or entered into prior to the dissolution of the fund.
C. An application to dissolve shall be granted if either of the following conditions is met:
(1) The fund has no outstanding liabilities including incurred but not reported liabilities.
(2) The fund is covered by an irrevocable commitment from a licensed insurer which provides for payment of all outstanding liabilities and for providing all related services, including payment of claims, preparation of reports, and administration of transactions associated with the period during which the plan provided coverage.
D. Upon the dissolution of the fund and after payment of all outstanding liabilities and indebtedness, the assets of the fund shall be distributed to all employers participating in the fund pursuant to a distribution plan submitted by the fund to the department and approved by the department.
Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 3, § 4351.15. Dissolution - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-3-sect-4351-15/
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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