Louisiana Revised Statutes 22:1467 – Louisiana Title Statistical Services Organization
Terms Used In Louisiana Revised Statutes 22:1467
- commissioner: shall mean the commissioner of insurance. See Louisiana Revised Statutes 22:1451
- Ex officio: Literally, by virtue of one's office.
- Expenses: means that portion of a rate attributable to acquisition, field supervision, collection expenses, general expenses, taxes, licenses, and fees and does not include loss adjustment expenses. See Louisiana Revised Statutes 22:1452
- Quorum: The number of legislators that must be present to do business.
- Rate: means that cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost, with an adjustment to account for the treatment of loss adjustment expenses, expenses, profit, and variation in expected future loss experience, prior to any application of individual risk variations based on actual past loss or expense considerations, and does not include minimum premiums. See Louisiana Revised Statutes 22:1452
A. Louisiana Title Statistical Services Organization is a private rating organization pursuant to La. Rev. Stat. 22:1466, authorized to make title insurance rate filings to the commissioner of insurance on behalf of its members, which shall be based on information derived from statistical plans developed by the Louisiana Title Statistical Services Organization and approved by the commissioner and not from individual expenses or from individual loss cost multipliers. Membership in Louisiana Title Statistical Services Organization shall be voluntary; however, no title insurer properly licensed to do business in the state of Louisiana shall be denied membership provided said title insurer complies with the charter and bylaws of the Louisiana Title Statistical Services Organization.
B. Subject to the provisions of Subsection A of this Section, the commissioner of insurance shall review the rates promulgated by the rating organization to determine whether they meet the requirements of this Subpart. Such review shall be made in the same manner and subject to the same procedure as is provided in La. Rev. Stat. 22:1464.
C. The board of directors for Louisiana Title Statistical Services Organization shall be elected by the membership, but at all times the board of directors shall include the following three members:
(1) One member who shall be the commissioner of insurance or his designee.
(2) One ex officio member who shall be the chairman of the House Committee on Insurance or a member of that committee designated by him.
(3) One ex officio member who shall be the chairman of the Senate Committee on Insurance or a member of that committee designated by him.
D. Each board member shall be entitled to one vote, except that the legislative members serving pursuant to Paragraphs (C)(2) and (3) of this Section shall be nonvoting members who shall also not be counted for the purposes of a quorum. The officers shall consist of a president, vice president, and secretary-treasurer. The bylaws may provide for such other officers and employees as may be deemed necessary or advisable.
E. There shall be no liability on the part of and no cause of action of any nature shall arise against Louisiana Title Statistical Services Organization or any of its officers, directors, or employees, or against any of its members for any inspections, audits, or other statutory duties performed hereunder or any statements made in good faith by them in any reports or communications concerning risks submitted to the association, or at any administrative hearing conducted in connection therewith under the provisions of this Subpart.
Acts 2006, No. 828, §1; Acts 2007, No. 459, §4, eff. Jan. 1, 2008; Redesignated from La. Rev. Stat. 22:1409.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:1467 redesignated as La. Rev. Stat. 22:43 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.