2006 Louisiana Laws - RS 22:1210.2 — Definitions

§1210.2.  Definitions

As used in this Part, the following terms shall have the respective meanings hereinafter set forth, unless the context shall otherwise require:

(1)  "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.  

(2)  "Broker" means an insurance broker as defined in R.S. 22:1162.

(3)  "Control" or "controlled" has the meaning as defined in R.S. 22:1002(3).  

(4)  "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a broker.  

(5)  "Controlling broker" means a broker who, directly or indirectly, controls an insurer.  

(6)  "Licensed insurer" or "insurer" means any person, firm, association, or corporation licensed to transact property and casualty insurance business in this state.  The following are not licensed insurers for the purposes of this Part:

(a)  All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. Section 3901 et seq. (1982 & Supp. 1986) and the Risk Retention Group Law (R.S. 22:2071 et seq.).  

(b)  All residual market pools and joint underwriting authorities or associations.  

(c)  All insurers owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates.  

Acts 1992, No. 811, §1.