2006 Louisiana Laws - RS 22:71.1 — Capital requirements; applicants on and after september 1, 1989
§71.1. Capital requirements; applicants on and after September 1, 1989
A. Domestic stock insurers which apply for a certificate of authority on or after September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having paid-in capital, minimum surplus, and operating surplus represented by assets as follows:
Paid-in
Minimum
Operating
Insurance
Capital
Surplus
Surplus
(1)
Life
$100,000
$1,900,000
$1,000,000
(2)
Health and accident
100,000
1,900,000
1,000,000
(1) and (2) above
100,000
1,900,000
1,000,000
(3)
Vehicle physical damage
100,000
1,150,000
1,000,000
(4)
Title
100,000
400,000
500,000
(5)
Industrial fire
200,000
800,000
1,000,000
(6)
Vehicle
650,000
1,350,000
1,000,000
(7)
Liability
650,000
1,350,000
1,000,000
(8)
Worker's compensation
650,000
1,350,000
1,000,000
(9)
Burglary and forgery
650,000
1,350,000
1,000,000
(10)
Glass
650,000
1,350,000
1,000,000
(11)
Fidelity and surety
650,000
1,350,000
1,000,000
(12)
Fire and extended coverage
650,000
1,350,000
1,000,000
(13)
Steam boiler and sprinkler leakage
650,000
1,350,000
1,000,000
(14)
Crop and livestock
650,000
1,350,000
1,000,000
(15)
Marine and transportation
650,000
1,350,000
1,000,000
(16)
Miscellaneous
650,000
1,350,000
1,000,000
(17)
All insurances, except life and title
650,000
1,350,000
1,000,000
B. 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.
C. Authority shall be granted stock insurers upon compliance with all applicable requirements to transact combinations of kinds of insurance except as follows:
(1) An insurer authorized to transact life insurance shall not be authorized to transact any additional kind of insurance other than:
(a) Health and accident insurance
(b) Annuity or
(c) Credit life, health, and accident insurance.
(2) An insurer authorized to transact title insurance shall not be authorized to transact any additional kind of insurance.
D. For the purpose of this Section, assets representing at least fifty percent of the operating surplus must be maintained in cash or in cash equivalents as prescribed by the commissioner.
Acts 1989, No. 562, §1; Acts 2003, No. 131, §1; Acts 2005, No. 27, §1, eff. June 9, 2005.
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