2011 Louisiana Laws
Revised Statutes
TITLE 22 — Insurance
RS 22:2026 — Set-offs
§2026. Set-offs
In all cases of mutual debts or mutual credits between the insurer and another person, such credits and debts shall be set-off and the balance only shall be allowed or paid, provided, however, that no set-off shall be allowed in favor of any person where:
(1) The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as a set-off, or
(2) The obligation of such person is to pay an assessment levied against the members or subscribers of any insurer which issued assessable policies, or to pay a balance upon a subscription to the shares of a stock insurer.
(3) Where an agent, agency or other person purchases a policy of insurance for the unexpired term of the policy and takes an assignment of the unearned premium claim from the insured, this action shall not be considered as a purchase of an obligation with a view of its being used as a set-off.
Acts 1958, No. 125. Amended by Acts 1960, No. 172, §1; Redesignated from R.S. 22:747 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former R.S. 22:2026 redesignated as R.S. 22:271 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
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