Louisiana Revised Statutes 22:2300 – Functions of insurers participating in the FAIR Plan
Terms Used In Louisiana Revised Statutes 22:2300
- Assessable insurers: means insurers authorized to write one or more subject lines of business in this state. See Louisiana Revised Statutes 22:2292
- FAIR Plan: means the successor to that program established by Act 424 of the 1992 Regular Session, and designated as the "Fair Access to Insurance Requirements Plan" to provide a residual market for adequate insurance on property in the state, now available as a program of the Louisiana Citizens Property Insurance Corporation. See Louisiana Revised Statutes 22:2292
- Governing board: means that board of directors which is established under Louisiana Revised Statutes 22:2292
- Net direct premiums: means gross direct premiums, excluding reinsurance assumed, written for subject lines of business, less return premiums, dividends paid or credited to policyholders, or the unused or unabsorbed portions of premium deposits. See Louisiana Revised Statutes 22:2292
- Subject lines of business: means the following lines of business: fire, allied lines, homeowners' multiperil, the property insurance portion of commercial multiperil policies, and the business interruption insurance portion of commercial multiperil policies or such interruption insurance with respect to commercial properties on a monoline basis. See Louisiana Revised Statutes 22:2292
A. All assessable insurers shall participate in assessments of the FAIR Plan in the proportion that the net direct premium of such participant written in this state during the preceding calendar years bears to the aggregate net direct premiums written in this state by all assessable insurers during the preceding calendar year as certified to the governing board of the corporation after review of annual statements, other reports, and other statistics necessary to provide the information herein required and which the commissioner of insurance is hereby authorized and empowered to obtain from all assessable insurers. Assessable insurers shall not participate in the gains or losses of the FAIR Plan.
B. Repealed by Acts 2007, No. 235, §2, eff. Jan. 1, 2008.
C. Any insurer who becomes authorized to engage in writing property insurance within Louisiana and who engages in writing property insurance within Louisiana shall become an assessable insurer in the FAIR Plan on January first immediately following such authorization, and shall cease to be an assessable insurer one year after the end of the first calendar year during which the insurer no longer holds a certificate of authority to transact insurance for subject lines of business in this state.
Acts 2003, No. 1133, §1; Acts 2007, No. 235, §2, eff. Jan. 1, 2008; Acts 2007, No. 459, §4, eff. Jan. 1, 2008; Redesignated from La. Rev. Stat. 22:1430.9 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.