Louisiana Revised Statutes 22:2060 – Duties and powers of the commissioner
Terms Used In Louisiana Revised Statutes 22:2060
- Association: means the Louisiana Insurance Guaranty Association created under Louisiana Revised Statutes 22:2055
- Commissioner: means the commissioner of insurance of this state. See Louisiana Revised Statutes 22:2055
- Insolvent insurer: means an insurer who meets both of the following criteria:
(a) Is licensed and authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred. See Louisiana Revised Statutes 22:2055
- Member insurer: means any person who meets both of the following criteria:
(i) Is licensed and authorized to transact insurance in this state. See Louisiana Revised Statutes 22:2055
- Net direct written premiums: means direct gross premiums written in this state on insurance policies to which this Part applies, including policy and membership fees, less return premiums thereon, premiums on policies not taken, and dividends paid or credited to policyholders on such direct business. See Louisiana Revised Statutes 22:2055
A. The commissioner shall:
(1) Notify the association of the existence of an insolvent insurer no later than three days after he receives notice of the determination of the insolvency. The association shall be entitled to a copy of a petition seeking an order of liquidation with a finding of insolvency against a member company at the same time that the petition is filed.
(2) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(3) Repealed by Acts 2010, No. 959, §3, eff. July 6, 2010.
B. The commissioner may:
(1) Suspend or revoke, after compliance with La. Rev. Stat. 49:977.3, the certificate of authority to transact insurance in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer that fails to pay an assessment when due. Such fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than one hundred dollars per month.
(2) Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.
(3) Examine, audit, or otherwise regulate the association.
C. An aggrieved party affected by the commissioner’s decision, act, or order may demand a hearing in accordance with Chapter 12 of this Title, La. Rev. Stat. 22:2191 et seq.
Added by Acts 1970, No. 81, §1. Amended by Acts 1976, No. 219, §1; Acts 1979, No. 474, §1; Redesignated from La. Rev. Stat. 22:1384 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2008, No. 467, §1; Acts 2009, No. 317, §1; Acts 2010, No. 959, §§1, 3, eff. July 6, 2010; Acts 2012, No. 271, §1.