2006 Louisiana Laws - RS 22:293 — Deposits

§293.  Deposits

A.  All domestic service insurers shall, in addition to all other requirements, deposit with the commissioner of insurance a safekeeping or trust receipt of a bank doing business within this state or a savings and loan association chartered to do business in this state, indicating that five thousand dollars in money or approved bonds of the United States, the state of Louisiana, or any political subdivision thereof, of the par value of not less than twenty thousand dollars has been deposited, the value thereof to be maintained; which deposit shall be held subject to the claim of any judgment creditor arising and accruing by virtue of any policy or certificates issued by such insurer, through judgment obtained against it in any court of this state, or in any federal court in this state.  

B.  Service insurers already organized and qualified under the laws of this state as of the effective date of this Section shall continue to have the same underwriting powers they had as of that date, provided all such insurers shall increase the deposit requirement to the amount set out in Subsection A of this Section on or before October 1, 1982.  

Acts 1958, No. 125.  Amended by Acts 1960, No. 166, §1; Acts 1981, No. 856, §1; Acts 1982, No. 748, §1.