2006 Louisiana Laws - RS 22:3008 — Self-insured trusts

§3008.  Self-insured trusts

The following requirements shall be met in addition to all other provisions of this Chapter where any self-insurance plan is effected, maintained, and operated under a trust agreement:

(1)  A board of trustees elected by participating employers shall serve as fund managers on behalf of participants.  Trustees shall be plan participants.  No participating employer may be represented by more than one trustee.  A minimum of three and a maximum of seven trustees may be elected.  Trustees may not receive compensation but may be reimbursed for actual expenses incurred in connection with duties as trustee.  

(2)  Trustees shall be bonded in an amount not less than one hundred fifty thousand dollars from a licensed surety company.  

(3)  Investment of plan funds is subject to the same restrictions which are applicable to insurers under this Title.  All investments shall be managed by a bank or other financial institution chartered in the state of Louisiana.

Acts 1984, No. 857, §1; Acts 1990, No. 902, §1.