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            A. There is hereby created a nonprofit entity to be known as the Louisiana Life and Health Insurance Guaranty Association whose legal domicile shall be in the parish of East Baton Rouge. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its function under the plan of operation established and approved pursuant to La. Rev. Stat. 22:2089 and shall exercise its powers through a board of directors established pursuant to La. Rev. Stat. 22:2086. For purposes of administration and assessment, the association shall maintain all of the following accounts:

            (1) The life insurance account.

            (2) The annuity account excluding unallocated annuity contracts and defined contribution government plans qualified under Section 403(b) of the United States Internal Revenue Code (26 U.S.C. § 403(b)).

            (3) The defined contribution plan account, meaning defined contribution plans qualified under Section 403(b) of the United States Internal Revenue Code.

            (4) The health account.

            B. The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. The association shall provide any records concerning the operations, budget, and management of the association upon request of the commissioner.

            C.(1) Notwithstanding any other provision of law to the contrary, the association is not and may not be deemed a department, unit, agency, instrumentality, commission, or board of the state for any purpose unless specifically set forth herein and shall not be subject to laws governing such departments, units, agencies, instrumentalities, commissions, or boards of the state. All debts, claims, obligations, and liabilities of the association, whenever incurred, shall be the debts, claims, obligations, and liabilities of the association only and not of the state, its agencies, instrumentalities, officers, or employees. The state may not budget for or provide general fund appropriations to the association, and the debts, claims, obligations, and liabilities of the association may not be considered to be a debt of the state or a pledge of its credit. The association shall be subject to the provisions of La. Rev. Stat. 24:513 et seq. regarding audits by the legislative auditor. The form established by the commissioner pursuant to La. Rev. Stat. 22:2064 for the financial report shall determine the association’s accounting method and basis of financial reporting for all purposes notwithstanding any other provision to the contrary.

            (2) Notwithstanding the provisions of Paragraph (1) of this Subsection, and except as provided in Paragraph (3) of this Subsection, the association shall be subject to the provisions of La. Rev. Stat. 44:1 et seq. and La. Rev. Stat. 42:11 et seq., and may be considered as if it were a public body for the purposes of this Section.

            (3) The association may hold an executive session pursuant to La. Rev. Stat. 42:16 for discussion of one or more of the following, and La. Rev. Stat. 44:1 et seq. shall not apply to any documents as enumerated in La. Rev. Stat. 44:1(A)(2) which relate to one or more of the following:

            (a) A request by the association or the commissioner for an examination of a member insurer pursuant to La. Rev. Stat. 22:2091.

            (b) Reports and recommendations made by the association to the commissioner pursuant to La. Rev. Stat. 22:2093 on any matter relevant to the solvency, impairment, liquidation, rehabilitation, or conservation of any member insurer, until such insolvency has been declared or the member insurer has been placed in liquidation, rehabilitation, or conservation.

            (c) Matters protected by attorney-client privilege.

            (d) Matters with respect to claims or claim files, except documents contained in those files which are otherwise deemed public records.

            (e) Prospective litigation against the association after formal written demand, prospective litigation by the association after referral to counsel for review, or pending litigation by or against the association.

            (f) Any other matters now provided for or as may be provided for by the legislature.

            (g) Discussion by or documents in the custody or control of any committee or subcommittee of the association, or any member or agent thereof, or the board of directors or any member or agent thereof, if such discussion or documents would otherwise be protected from disclosure by any of the exceptions provided in this Paragraph.

            (h) Matters with respect to the abatement or deferral or the request for an abatement or deferral of an assessment pursuant to La. Rev. Stat. 22:2088(D).

            Acts 1991, No. 998, §1, eff. Sept. 30, 1991; Acts 1992, No. 115, §1; Acts 1997, No. 534, §1, eff. July 3, 1997; Redesignated from La. Rev. Stat. 22:1395.5 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2012, No. 271, §1; Acts 2018, No. 97, §1.

NOTE: Former La. Rev. Stat. 22:2085 redesignated as La. Rev. Stat. 22:497 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.