2006 Louisiana Laws - RS 22:435 — Minimum application and surplus requirements

§435.  Minimum application and surplus requirements

A.  A domestic reciprocal insurer, if it has otherwise complied with the provisions of this Code, may be authorized to exchange contracts of insurance in this state upon qualifying therefor and by having initial minimum assets as follows:

Initial

Minimum

Insurance

Surplus

(1)

Health and accident

$  300,000

(2)

Vehicle physical damage

250,000

(3)

Title

75,000

(4)

Industrial fire

300,000

(5)

Any company organized and authorized to

transact worker's compensation only as of

July 27, 1966

150,000

(6)

Any company organized and authorized to

transact crop and livestock insurance only as

of July 27, 1966

250,000

(7)

Vehicle

1,000,000

(8)

Liability

1,000,000

(9)

Worker's compensation

1,000,000

(10)

Burglary and forgery

1,000,000

(11)

Glass

1,000,000

(12)

Fidelity and surety

1,000,000

(13)

Fire and extended coverage

1,000,000

(14)

Steam boiler and sprinkler leakage

1,000,000

(15)

Crop and livestock

1,000,000

(16)

Marine and transportation

1,000,000

(17)

Miscellaneous

1,000,000

(18)

All insurances, except life and title

1,000,000

For the purpose of this Section, vehicle physical damage insurance shall be defined as insurance against loss or damage to any land vehicle or property while contained therein or thereon or being loaded or unloaded therein or therefrom.  

B.  Insurers already organized and qualified under the laws of this state as of July 27, 1966 shall continue to have the same underwriting powers they had as of that date, provided all such insurers shall increase the surplus requirements to the amounts set out in Subsection A of this Section 435 on or before August 1, 1967.  

Acts 1958, No. 125.  Amended by Acts 1958, No. 102, §1; Acts 1962, No. 50, §1; Acts 1966, No. 72, §1; Acts 1983, 1st Ex.Sess., No. 1, §6.