Louisiana Revised Statutes 22:2090 – Powers and duties of the commissioner
Terms Used In Louisiana Revised Statutes 22:2090
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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
- 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
- Premiums: means amounts received on covered policies or contracts, less considerations, deposits, dividends, and experience credits thereon. See Louisiana Revised Statutes 22:2084
A. In addition to the duties and powers enumerated elsewhere in this Part, and in other provisions of law, the commissioner shall do all of the following:
(1) Upon request of the board of directors, and notwithstanding any other law to the contrary, provide the association with a statement of the premiums, in this and any other appropriate states, for each member insurer.
(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. The notice to the impaired insurer shall constitute notice to its shareholders, if applicable. The failure of the impaired insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this Part.
(3) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.
B. The commissioner may suspend or revoke, after compliance with La. Rev. Stat. 49:977.3, the certificate of authority to transact business in this state of any member insurer who fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may also levy a fine on any member insurer who fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, but no fine shall be less than one hundred dollars per month.
C. Any action of the board of directors or the association may be appealed to the commissioner by any member insurer if such appeal is taken within sixty days of the final action being appealed. If a member insurer is appealing an assessment, the amount assessed shall be paid to the association and credited to meet association obligations during the pendency of an appeal. If the appeal on the assessment is upheld, the amount if paid in error or excess, shall be returned to the member insurer without interest. Any final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction.
D. The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer shall notify all interested persons of the effect of this Part.
Acts 1991, No. 998, §1, eff. Sept. 30, 1991; Redesignated from La. Rev. Stat. 22:1395.10 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 258, §1; Acts 2009, No. 317, §1; Acts 2018, No. 97, §1.