Louisiana Revised Statutes 3:4351.15 – A. If the fund chooses to dissolve, it shall apply to the department for the authority to dissolve. An application to dissolve shall be on a form prescribed by the department and sha
Terms Used In Louisiana Revised Statutes 3:4351.15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the Department of Insurance. See Louisiana Revised Statutes 3:4351.1
- Fund: means the self-insurance fund established pursuant to this Part to provide automobile coverage for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles and shall be known as the Louisiana Agriculture Transportation Group Self-Insured Fund. See Louisiana Revised Statutes 3:4351.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
A. If the fund chooses to dissolve, it shall apply to the department for the authority to dissolve. An application to dissolve shall be on a form prescribed by the department and shall be approved or disapproved by the department within sixty days of receipt.
B. The dissolution of the fund without authorization is prohibited and shall not absolve or release the fund, a member, or any person or entity which has executed an indemnity agreement from the fund’s or person’s obligations incurred or entered into prior to the dissolution of the fund.
C. An application to dissolve shall be granted if either of the following conditions is met:
(1) The fund has no outstanding liabilities including incurred but not reported liabilities.
(2) The fund is covered by an irrevocable commitment from a licensed insurer which provides for payment of all outstanding liabilities and for providing all related services, including payment of claims, preparation of reports, and administration of transactions associated with the period during which the plan provided coverage.
D. Upon the dissolution of the fund and after payment of all outstanding liabilities and indebtedness, the assets of the fund shall be distributed to all employers participating in the fund pursuant to a distribution plan submitted by the fund to the department and approved by the department.
Acts 2022, No. 586, §1, eff. June 17, 2022; Acts 2022, No. 598, §1, eff. June 18, 2022.