Louisiana Revised Statutes 22:2084 – Definitions
Terms Used In Louisiana Revised Statutes 22:2084
- Account: means any of the four accounts created by Louisiana Revised Statutes 22:2084
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the Louisiana Life and Health Insurance Guaranty Association created by Louisiana Revised Statutes 22:2084
- Commissioner: means the commissioner of insurance. See Louisiana Revised Statutes 22:2084
- Contract: A legal written agreement that becomes binding when signed.
- Contractual obligation: means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided by Louisiana Revised Statutes 22:2084
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Impaired insurer: means a member insurer which is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Louisiana Revised Statutes 22:2084
- Insolvent insurer: means a member insurer which is placed under an order by a court of competent jurisdiction with a finding of insolvency. See Louisiana Revised Statutes 22:2084
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member insurer: means any insurer or health maintenance organization licensed or which holds a certificate of authority to transact in this state any kind of insurance or health maintenance organization business for which coverage is provided by Louisiana Revised Statutes 22:2084
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, corporation, partnership, association, or voluntary organization. See Louisiana Revised Statutes 22:2084
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Premiums: means amounts received on covered policies or contracts, less considerations, deposits, dividends, and experience credits thereon. See Louisiana Revised Statutes 22:2084
- Resident: means a person who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer and to whom a contractual obligation is owed. See Louisiana Revised Statutes 22:2084
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
As used in this Part:
(1) “Account” means any of the four accounts created by La. Rev. Stat. 22:2085(A).
(2) “Association” means the Louisiana Life and Health Insurance Guaranty Association created by La. Rev. Stat. 22:2085.
(3) “Commissioner” means the commissioner of insurance.
(4) “Contractual obligation” means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided by La. Rev. Stat. 22:2083.
(5) “Covered contract” or “covered policy” means any policy or contract within the scope of this Part as set forth in La. Rev. Stat. 22:2083.
(6) “Impaired insurer” means a member insurer which is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
(7) “Insolvent insurer” means a member insurer which is placed under an order by a court of competent jurisdiction with a finding of insolvency.
(8) “Member insurer” means any insurer or health maintenance organization licensed or which holds a certificate of authority to transact in this state any kind of insurance or health maintenance organization business for which coverage is provided by La. Rev. Stat. 22:2083, and includes any insurer or health maintenance organization whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn, but shall not include any of the following:
(a) Repealed by Acts 2018, No. 97, §2.
(b) A fraternal benefit society.
(c) A mandatory state pooling plan.
(d) A mutual assessment company or any entity that operates on an assessment basis.
(e) An insurance exchange.
(f) A hospital or medical service organization, whether operated for profit or as a nonprofit.
(g) An organization that issues charitable gift annuities as is defined in La. Rev. Stat. 22:952(A)(3).
(h) Any entity similar to any of the above.
(9) “Moody’s Corporate Bond Yield Average” means the Monthly Average Corporates as published by Moody’s Investors Service, Inc., or any successor thereto.
(10) “Person” means any individual, corporation, partnership, association, or voluntary organization.
(11) “Premiums” means amounts received on covered policies or contracts, less considerations, deposits, dividends, and experience credits thereon. “Premiums” shall not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided by La. Rev. Stat. 22:2083(B), except that accessible premiums shall not be reduced on account of La. Rev. Stat. 22:2083(B)(2)(c)(ii) relating to interest limitations with respect to any one individual, any one participant, and any one policyholder.
(11.1) “Receivership court” means the court in the insolvent or impaired insurer‘s state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer.
(12) “Resident” means a person who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer and to whom a contractual obligation is owed. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. Citizens of the United States that are either residents of foreign countries, or residents of United States possessions, territories, or protectorates that do not have an association similar to the association created by this Part, shall be deemed residents of the state of domicile of the member insurer that issued the policies or contracts.
(12.1) “Structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
(13) “Supplemental contract” means any agreement entered into for the distribution of policy or contract proceeds.
(14) “Unallocated annuity contract” means any annuity contract or group annuity certificate which is not issued to and owned by an individual except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.
Acts 1991, No. 998, §1, eff. Sept. 30, 1991; Acts 1994, 3rd Ex. Sess., No. 92, §1; Redesignated from La. Rev. Stat. 22:1395.4 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 258, §1; Acts 2012, No. 271, §1; Acts 2014, No. 374, §1; Acts 2018, No. 97, §§1, 2; Acts 2021, No. 19, §1, eff. June 1, 2021.
NOTE: Former La. Rev. Stat. 22:2084 redesignated as La. Rev. Stat. 22:496 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.