2006 Louisiana Laws - RS 22:121.1 — Surplus requirements; applicants on and after september 1, 1989
§121.1. Surplus requirements; applicants on and after September 1, 1989
A. Domestic mutual insurers who apply for a certificate of authority on or after September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having an initial minimum surplus and operating surplus represented by assets as follows:
Initial
Minimum
Operating
Insurance
Surplus
Surplus
(1)
Life
$2,000,000
$1,000,000
(2)
Health and accident
2,000,000
1,000,000
(1) and (2) above
2,000,000
1,000,000
(3)
Vehicle physical damage
1,250,000
1,000,000
(4)
Title
500,000
500,000
(5)
Industrial fire
1,000,000
1,000,000
(6)
Vehicle
2,000,000
1,000,000
(7)
Liability
2,000,000
1,000,000
(8)
Worker's compensation
2,000,000
1,000,000
(9)
Burglary and forgery
2,000,000
1,000,000
(10)
Glass
2,000,000
1,000,000
(11)
Fidelity and surety
2,000,000
1,000,000
(12)
Fire and extended coverage
2,000,000
1,000,000
(13)
Steam boiler and sprinkler leakage
2,000,000
1,000,000
(14)
Crop and livestock
2,000,000
1,000,000
(15)
Marine and transportation (except hull)
2,000,000
1,000,000
(16)
Miscellaneous
2,000,000
1,000,000
(17)
All insurances, except life and title
2,000,000
1,000,000
B. 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.
C. 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 kinds of insurance other than health and accident insurance.
(2) An insurer authorized to transact title insurance shall not be authorized to transact any additional kinds of insurance.
D. For the purpose of this Section, assets representing at least fifty percent of the operating surplus shall be maintained in cash or cash equivalents prescribed by the commissioner.
Acts 1989, No. 561, §1.
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