Louisiana Revised Statutes 22:2068 – Stay of proceedings; reopening of default judgments; execution of judgments; proration
Terms Used In Louisiana Revised Statutes 22:2068
- Association: means the Louisiana Insurance Guaranty Association created under Louisiana Revised Statutes 22:2055
- Insolvent insurer: means an insurer who meets both of the following criteria:
(a) Is licensed and authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred. See Louisiana Revised Statutes 22:2055
- Receiver: means liquidator, rehabilitator, conservator or ancillary receiver, as the context requires. See Louisiana Revised Statutes 22:2055
A. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for six months and such additional time as may be determined by the court from the date the insolvency is determined to permit proper defense by the association of all pending causes of action.
B. The liquidator, receiver or statutory successor of an insolvent insurer covered by this Part shall permit access by the association to such of the insolvent insurer’s records that are necessary to carry out its functions under this Part and shall provide the association with copies of those records upon request by and at the expense of the association.
C. In addition to any other requirement imposed by law, no judgment creditor shall attempt the execution of any judgment against the association without providing prior notice of its intent to do so. As a prerequisite of the execution of judgment, the executive director of the association or the chairman of the board of directors of the association shall be notified by certified mail, return receipt requested, not less than fifteen days prior to the execution of the judgment.
D. Any proration pursuant to La. Rev. Stat. 22:2058(A)(3)(a)(ii) shall apply to all covered claims existing as of the date the proration becomes effective, as well as the covered claims arising subsequently, including but not limited to settlements, agreements, consent judgments, and other judgments.
Added by Acts 1970, No. 81, §1. Acts 1990, No. 102, §1; Acts 1991, No. 222, §1, eff. July 2, 1991; Redesignated from La. Rev. Stat. 22:1392 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2010, No. 959, §1, eff. July 6, 2010.