2006 Louisiana Laws - RS 22:397 — Expense funds; mortuary funds

§397.  Expense funds; mortuary funds

The salaries or remunerations of officers, agents, representatives, employees and attorneys of such insurer and the expenses of management, shall be limited to the aggregate amount in one year of not more than thirty-three and one-third per cent of the cash income actually received by it from premiums, assessments, dues, membership fees or reinstatement fees for such one year, except that the full first year premium, assessment, dues or membership fee on new policies may be used for expenses of management.  The remaining sixty-six and two-thirds per cent of the income received and the accretions thereon, shall be placed in a mortuary fund, which shall be used for the payment of policy benefits only, provided that, at the option of the insurer, state, parish and municipal taxes and insurance department fees may be paid for from this fund.  

Acts 1958, No. 125.