2006 Louisiana Laws - RS 22:3003 — Certificate of authority

§3003.  Certificate of authority

A.  It is unlawful for any self-insurer to transact business or to issue or provide health care benefits under or pursuant to a self-insurance plan in this state without a certificate of authority issued by the commissioner of insurance.  Any self-insurer which transacts business in this state without the certificate of authority required by this Chapter shall be considered an unauthorized insurer within the meaning of Part XXVII of Chapter 1 of this Title and all remedies and penalties prescribed therein shall apply to such self-insurer.  

B.  Each application for a certificate of authority shall be made on forms prescribed by the commissioner, shall be verified by the self-insurer or its authorized representative, and shall set forth or be accompanied by the following:

(1)  A copy of the plan's bylaws and all management, administration, or trust agreements which the plan has made or proposes to make for the conduct of its business and affairs.  Any proposed change or amendment to the foregoing shall also be filed with the commissioner within sixty days of its implementation.  

(2)  A list of names, permanent addresses, and official positions, if any, of the persons responsible for the formation of the self-insurer and for the organization, establishment, administration, and maintenance of the self-insurance plan.  

(3)  A copy of the application for coverage, contract, certificate, or policy of insurance or schedules of benefits to be issued or provided to persons covered under the self-insurance plan.  

(4)  A current financial statement verified by the applicant or its authorized representative showing the applicant's assets, liabilities, and sources of financial means and support.  

(5)  A copy of all advertising and marketing materials, including the marketing plan.  

C.  Within ninety days of receipt of a completed application, the commissioner of insurance shall issue a certificate of authority to do business in the state to an applicant if the commissioner determines that the following conditions are met:

(1)  The persons responsible for the administration of the self-insurance plan are competent, trustworthy, and of good reputation.  

(2)  The applicant is financially sound and responsible.  

(3)  The applicant has deposited cash or securities and has otherwise complied with all of the requirements of this Chapter.  

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