2006 Louisiana Laws - RS 22:1451 — Annual reports required

PART XXXI.  MISCELLANEOUS AND FINAL PROVISIONS

§1451.  Annual reports required

A.  Every insurer authorized to do business in this state shall annually and quarterly file with the commissioner of insurance a true statement of its financial condition, transactions, and affairs, as hereafter required. The statement shall be on forms and shall contain information as required by this Code and by the commissioner of insurance, including supplementals for additional information required by the commissioner of insurance, and shall be verified by the oaths of at least two of the insurer's principal officers.  Statements shall also be filed on computer diskettes, as approved by the commissioner of insurance.  The commissioner of insurance, under specific regulations promulgated by the commissioner, may annually waive the computer diskette reporting requirement.

B.  The annual statement shall be due before the first day of March and show the condition of the company as of the thirty-first day of December preceding.  The first quarterly report shall be due prior to May fifteenth and show the condition of the company as of the thirty-first day of March preceding.  The second quarterly report shall be due prior to August fifteenth and show the condition of the company as of the thirtieth day of June preceding.  The third quarterly report shall be due prior to November fifteenth and show the condition of the company as of the thirtieth day of September preceding.

C.  The commissioner of insurance shall annually during November and December furnish each such insurer duplicate copies of annual and quarterly forms as next required to be filed.

D. Each such insurer shall file the appropriate National Association of Insurance Commissioners annual statement blank and quarterly statement blank, which shall be prepared in accordance with the National Association of Insurance Commissioners annual statement instructions handbook, and shall follow those accounting practices and procedures prescribed by the appropriate National Association of Insurance Commissioners Accounting Practices and Procedures Manual.

E.  The annual and quarterly statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the commissioner of insurance requires otherwise.  The statement shall be verified by the insurer's United States manager or by its officers duly authorized.

F.  The commissioner of insurance may suspend or revoke the certificate of authority of any insurer failing to file its annual statement when due or during any extension of time thereof which the commissioner of insurance, for good cause, may grant.

G.  Unless it appears in the discretion of the commissioner that the condition of a small company renders the continuance of its business hazardous to the public or its insureds, a small company shall be exempted from the following filings required by this Section:

(1)  Quarterly statements.

(2)  Management discussion and analysis accompanying the annual statement.

(3)  Computer diskette filings of the annual statement.

Acts 1958, No. 125; Acts 1992, No. 811, §1; Acts 1993, No. 558, §1; Acts 1999, No. 1304, §1, eff. July 12, 1999; Acts 1999, No. 1312, §1, eff. July 12, 1999.