2006 Louisiana Laws - RS 22:1441.5 — Functions of the plan

§1441.5.  Functions of the plan

A.  All participants in the plan shall participate in its writings, expenses, profits, and losses in the proportion that the net direct premium of such participant written in this state during the preceding calendar year bears to the aggregate net direct premiums written in this state by all participants in the plan during the preceding calendar year as certified to the governing committee of the plan by the Louisiana Insurance Rating Commission after review of annual statements, other reports and other statistics the Louisiana Insurance Rating Commission shall deem necessary to provide the information herein required and which the Louisiana Insurance Rating Commission is hereby authorized and empowered to obtain from any participant in the plan.

B.  A participant shall, in accordance with the plan approved by the Louisiana Insurance Rating Commission, be entitled to receive credit for essential property insurance voluntarily written in the coastal areas and its participation in the writings in the plan shall be reduced in accordance with the provisions of the plan.

C.  Any insurer who becomes authorized to engage in writing property insurance within Louisiana and who engages in writing property insurance within Louisiana shall become a participant in the plan on January first, immediately following such authorization, and the determination of such insurer's participation in the plan shall be made as of the date of such participation in the same manner as for all other participants in the plan.

Acts 2004, No. 761, §1, eff. July 6, 2004.