Louisiana Revised Statutes 22:489 – Notice and registration requirements of purchasing groups
Terms Used In Louisiana Revised Statutes 22:489
- Commissioner: means the commissioner of insurance of Louisiana or the commissioner, director, or superintendent of insurance in any other state. See Louisiana Revised Statutes 22:482
- 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
- Product liability: means the liability for personal injury and property damages arising from the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product as defined and construed by the laws of this state. See Louisiana Revised Statutes 22:482
- Purchasing group: means any group domiciled in any state which:
(a) Has as one of its purposes the purchase of liability insurance on a group basis. 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 purchasing group which intends to do business in this state shall, prior to doing business, pay the registration fee required by La. Rev. Stat. 22:490 and furnish notice to the department on forms prescribed by the department which:
(1) Identify the state in which the group is domiciled.
(2) Specify the lines and classifications of liability insurance which the purchasing group intends to purchase.
(3) Identify the insurance company from which the group intends to purchase its insurance and the domicile of such company.
(4) Identify the principal place of business of the group.
(5) Provide such other information as may be required by the commissioner to verify that the purchasing group is qualified under La. Rev. Stat. 22:482(10).
B. The purchasing group shall register with and designate the commissioner or other appropriate authority as its agent solely for the purpose of receiving service of legal documents or process, except that such requirements shall not apply in the case of a purchasing group:
(1) Which:
(a) Was domiciled before April 2, 1986.
(b) Is domiciled on and after October 27, 1986 in any state of the United States.
(2) Which:
(a) Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state.
(b) Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state.
(3) Which was a purchasing group under the requirements of the federal Product Liability Retention Act of 1981 before October 27, 1986.
(4) Which does not purchase insurance that was not authorized for purposes of an exemption under the federal Product Liability Retention Act of 1981, as in effect before October 27, 1986.
C. A purchasing group shall notify the department of any alterations in any of the items required in Subsection A of this Section by the fifteenth day of the following month.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Acts 1995, No. 1203, §1, eff. June 29, 1995; Acts 1999, No. 299, §1, eff. June 11, 1999; Redesignated from La. Rev. Stat. 22:2078 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.