2006 Louisiana Laws - RS 22:1450.3 — Duties

§1450.3.  Duties

The committee shall recommend to the legislature such changes in the insurance laws as may be needed in order to:

(1)  Make a thorough and complete study of the industry and state, federal and local regulations.  

(2)  Simplify the meaning, verbiage, regulation, procedures, and administration of the insurance laws of this state and to protect the consuming public.  

(3)  Improve domestic insurance business and to encourage foreign insurers to domicile in Louisiana.  

(4)  Provide for uniform handling of all legal matters relative to the Department of Insurance and the Insurance Rating Commission, including procedures, proceedings, hearings, liquidation, conservation, rehabilitation, trials, appeals, and other legal or administrative proceedings as well as legal policy.  

(5)  Make a comprehensive study of the type of companies licensed or otherwise doing business in Louisiana and various lines of business or risk takers, self-insurers, and their products compulsory insurance, insurance needs of state and local governments and all agencies or instrumentalities thereof, all aspects of the financial solvency, incorporation procedures and requirements, insurance filings and ratings, including the office of insurance commissioner, the Department of Insurance, and the Insurance Rating Commission, membership and qualifications of members thereof, adequate and proper staffing procedures, rating bureaus, hearings, and deviations, the taxation of insurance companies and/or insurance company products, the cost of premiums, rating factors, actuaries, management of state and local insurance matters, problems experienced by the consuming public, premiums paid, all types of bonds and bonding, insurance agents, brokers, salesmen and stockholders, executives, employees and personnel, including experts, claims processing payment and associated procedures, assignment of claims to professionals, hospitals, standardization, investments of insurance companies, lending, admitted assets, and all matters relating to financial solvency, reserves or capital of insurance companies, licensing and capitalization of companies, various products and offerings of any person or entity, which products have attributes and characteristics of insurance, securities, or any hybrid or blended product, and the assessment of regulatory and related costs, or any matter relating to insurance or insurance companies.  

(6)  Conduct public hearings in various parts of the state for the purpose of carrying out the provisions of this Part.  

Acts 1990, No. 995, §1, eff. July 26, 1990.