2006 Louisiana Laws - RS 22:1441.15 — Louisiana joint reinsurance plan (fair plan); definitions

§1441.15.  Louisiana Joint Reinsurance Plan (FAIR Plan); definitions

As used in R.S. 22:1441.15 through 1441.26, unless the context otherwise requires:

(1)  "Designated area" means all of that area of the state designated in the plan on file with the Louisiana Insurance Rating Commission and designated as FAIR (Fair Access to Insurance Requirements) Plan area.

(2)  "Essential property insurance" means any of the following coverages against direct loss to property as defined by the plan approved by the Louisiana Insurance Rating Commission:

(a)  Fire, with or without extended coverage and vandalism and malicious mischief.

(b)  Windstorm and hail without fire, but only with respect to dwellings and commercial properties on a monoline basis.

(c)  Homeowners.

(3)  "Governing committee" means that group which is referred to in R.S. 22:1441.17 and, where appropriate, any designee of the governing committee.

(4)  "Insurable property" means real and tangible personal property at a fixed location in a designated area of Louisiana when such property is in an insurable condition and basic property insurance is not obtainable in the normal market.

(5)  "Net direct premiums" means gross direct premiums, excluding reinsurance assumed and ceded, written on property in this state for fire and extended coverage and, if provided in the plan, homeowners insurance, including premium components of all multiperil policies and homeowners' policies, less return premiums, dividends paid or credited to policyholders, or the unused or unabsorbed portions of premium deposits.  In no event shall premiums on industrial fire insurance policies be considered as net direct premiums.

(6)  "Plan" means the document setting the rules of operation approved or promulgated by the Louisiana Insurance Rating Commission relative to the Louisiana Joint Reinsurance Plan.

Acts 2004, No. 761, §1, eff. July 6, 2004.