Louisiana Revised Statutes 22:483 – Risk retention groups chartered in Louisiana
Terms Used In Louisiana Revised Statutes 22:483
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Louisiana Revised Statutes 22:482
- Liability: means legal liability for damages including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from, or arising out of:
(i) Any business, whether profit or nonprofit, trade, product, services including professional services, premises, or operations. See Louisiana Revised Statutes 22:482
- Plan of operation or a feasibility study: means an analysis which presents the expected activities and results of a risk retention group including, at a minimum:
(a) The coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer. See Louisiana Revised Statutes 22:482
- Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:
(a) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See Louisiana Revised Statutes 22:482
- State: means any state of the United States and the District of Columbia. See Louisiana Revised Statutes 22:482
A. A risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided elsewhere in this Subpart, shall comply with all of the laws, rules, regulations, and requirements applicable to such insurers chartered and licensed in this state and with La. Rev. Stat. 22:484 to the extent such requirements are not a limitation on laws, rules, regulations, or requirements of this state. Before it may offer insurance in any state, each risk retention group shall also submit for approval to the department of insurance a plan of operation or a feasibility study.
B. A risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or a feasibility study, on the fifteenth day of the month following the material change. The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of the plan or study is approved by the department.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Acts 1995, No. 1203, §1, eff. June 29, 1995; Redesignated from La. Rev. Stat. 22:2073 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.