Louisiana Revised Statutes 22:2082 – Purpose
Terms Used In Louisiana Revised Statutes 22:2082
- 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
- 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
A. The purpose of this Part is to protect, subject to certain limitations, the persons listed in La. Rev. Stat. 22:2083(A) against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in La. Rev. Stat. 22:2083(B), because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
B. To provide this protection, an association of member insurers is hereby created to pay benefits and to continue coverages as limited herein. Members of the association are subject to assessment to provide funds to carry out the purpose of this Part.
Acts 1991, No. 998, §1, eff. Sept. 30, 1991; Redesignated from La. Rev. Stat. 22:1395.2 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2018, No. 97, §1.
NOTE: Former La. Rev. Stat. 22:2082 redesignated as La. Rev. Stat. 22:494 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.