2006 Louisiana Laws - RS 22:35 — Application for certificate of authority

§35.  Application for certificate of authority

An application shall be made by the first directors to the commissioner of insurance for a certificate of authority which shall be accompanied by:

(1)  A copy of the acceptance of trust duly executed by each director.

(2)  A copy of the oath of office taken by each officer.  

(3)  A statement verified by the oath of its president and its secretary, showing that said company is duly organized and that its funds are invested as required by law.  

(4)  An agreement signed by its president and secretary to abide by and comply with the rates, except for life, health and accident insurance, rules and regulations formulated and adopted by the commissioner of insurance or any duly authorized state board or commission.  

(5)  An appointment of at least one agent in this state.  

(6)  A copy of the bylaws, which in case of a mutual insurer must specify the minimum and maximum contingent liability of its policyholders for the payment of losses incurred under its policies.  

(7)  Organization bonds, if required.  

(8)  A statement verified by the oath of its president and its secretary, disclosing the identity and percentage of ownership of the company owners.

(9)  Biographical background information, on a form prescribed by the commissioner, for each owner of a controlling interest, at least ten percent ownership, for each director, and for each officer.  

(10)  An agreement, at least three consecutive years in duration, signed by its president, engaging an independent qualified auditor who is a member in good standing with either the American Institute of Certified Public Accountants or with the Society of Financial Examiners which has designated the auditor as a certified financial examiner, to provide the commissioner an annual audited financial statement as required by the commissioner.  

(11)(a)  If a property or casualty insurer, an agreement, at least three consecutive years in duration, signed by its president engaging an independent qualified actuary who is a member in good standing of the American Academy of Actuaries or the Casualty Actuarial Society, to provide to the commissioner an annual actuarial reserves analysis as required by the commissioner.  

(b)  If a life or health insurer, an agreement, at least three consecutive years in duration, signed by its president engaging an independent qualified actuary who is a member in good standing of the American Academy of Actuaries, to provide to the commissioner an annual actuarial reserves analysis as required by the commissioner.  

(c)  The commissioner may adopt rules and regulations to implement the provision herein, pursuant to the Administrative Procedure Act.  

Acts 1958, No. 125; Acts 1989, No. 604, §1, eff. Sept. 1, 1989; Acts 1991, No. 771, §1; Acts 1992, No. 704, §1.