2006 Louisiana Laws - RS 22:1023 — Surety bond in lieu of deposit

§1023.  Surety bond in lieu of deposit

In lieu of deposit required by R.S. 22:1021, such insurers may deliver to the commissioner of insurance a bond in the amount of one hundred thousand dollars of an authorized surety company doing business in this state which has a minimum surplus of five million dollars and approved by the commissioner of insurance.  The bond shall be conditioned on the same terms as those stated in R.S. 22:1022 and it must be renewed annually before the first of March.  No such bond shall be cancelled unless a new bond or deposit has been substituted or satisfactory evidence has been submitted to the commissioner of insurance that the insurer has discharged all of its assured obligations and liabilities in this state, and that insurer has no assured liabilities whatever remaining in this state.  The term of these bonds shall be for one year ending the first of March, but the last bond filed shall always remain in effect until a new bond is filed or a deposit is made as a substitution therefor.  

Acts 1958, No. 125.  Amended by Acts 1979, No. 198, §2; Acts 1981, No. 540, §1.