US Laws, Codes, Statutes & Cases

§84.  Existing insurers: capital requirements and powers

A.  Any domestic stock insurer incorporated prior to 12:00 noon of October 1, 1948 is hereby brought under all the provisions of this Code except that its capital may continue in the amount named in its articles of incorporation during the existing term thereof and it shall have such powers as it possessed prior to October 1, 1948 except as provided in Sub-section B of this Section.  

B.  In the event any such insurer desires to enlarge its insuring powers to incorporate additional kinds of insurance not included in its articles of incorporation as of 12:00 noon on October 1, 1948 the capital of such insurer must be increased to meet the full requirements of this Code.

C.  This Section shall not apply to those insurers within the terms of R.S. 22:258 and 22:294.  

Acts 1958, No. 125.