2006 Louisiana Laws - RS 22:121 — Surplus requirements; applicants prior to september 1, 1989

PART IV.  DOMESTIC MUTUAL INSURERS

§121.  Surplus requirements; applicants prior to September 1, 1989

A.  Domestic mutual 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 an initial minimum surplus represented by assets as follows:

Initial

Minimum

Insurance

Surplus

(1)

Life

$ 300,000

(2)

Health and accident

300,000

(1) and (2) above

300,000

(3)

Vehicle physical damage

250,000

(4)

Title

75,000

(5)

Industrial fire

300,000

(6)

Any company organized and authorized to

transact worker's compensation only as of

July 27, 1966

150,000

(7)

Any company organized and authorized to

transact crop and livestock insurance only

as of July 27, 1966

250,000

(8)

Vehicle

1,000,000

(9)

Liability

1,000,000

(10)

Worker's compensation

1,000,000

(11)

Burglary and forgery

1,000,000

(12)

Glass

1,000,000

(13)

Fidelity and surety

1,000,000

(14)

Fire and extended coverage

1,000,000

(15)

Steam boiler and sprinkler leakage

1,000,000

(16)

Crop and livestock

1,000,000

(17)

Marine and transportation (except hull)

1,000,000

(18)

Miscellaneous

1,000,000

(19)

All insurances, except life and title

1,000,000

For the purpose of this Section, "vehicle physical damage insurance" shall be defined as insurance against loss or damage to any land vehicle or property while contained therein or thereon or being loaded or unloaded therein or therefrom.  

B.  Authority shall be granted mutual 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 health and accident insurance.  

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

C.  Domestic mutual insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the initial minimum surplus and operating surplus requirements and other requirements of R.S. 22:121.1.  

Acts 1958, No. 125.  Amended by Acts 1958, No. 103, §1; Acts 1962, No. 49, §1; Acts 1966, No. 71, §1; Acts 1980, No. 471, §1; Acts 1980, 2nd Ex.Sess., No. 5, §1, eff. Sept. 15, 1980; Acts 1983, 1st Ex.Sess., No. 1, §6; Acts 1985, No. 504, §1; Acts 1989, No. 561, §1.