Louisiana Revised Statutes 22:493 – Penalties
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Terms Used In Louisiana Revised Statutes 22:493
- 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 risk retention group which violates any provision of this Subpart shall be subject to fines and penalties applicable to licensed insurers generally, including revocation of its registration and the right to do business in this state.
Acts 1987, No. 462, §1, eff. Sept. 1, 1987; Redesignated from La. Rev. Stat. 22:2081 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.