Louisiana § RS 12:1861 - Consecutive net losses
Full text of Louisiana Louisiana Civil Code § RS 12:1861 — Consecutive net losses, with citation guidance and answers to common questions.
§ RS 12:1861. Consecutive net losses
If the fund has three years of consecutive net losses on the audited financial statements of the fund, or two years of consecutive net losses on the audited financial statements of the fund in excess of five hundred thousand dollars or five percent of the premium of the latest audited financial statement, whichever is greater, an authorized representative of the fund shall do all of the following:
(1) Attend a meeting with the department, the administrator of the fund, any third-party administrator contracted or performing services for the fund, and the fund's board of trustees to discuss the financial condition of the fund and to advise the department of the course of action the fund will take to obtain net incomes on subsequent audited financial statements.
(2) File with the department a written and signed plan from the fund's board of trustees describing the actions the fund will take to generate net incomes on subsequent audited financial statements.
(3) Obtain an actuarial rate analysis, if an actuarial rate analysis was not performed for the previous fund year.
Acts 2023, No. 259, §§1, 3A, eff. June 12, 2023.
Frequently Asked Questions About Louisiana § RS 12:1861
What does Louisiana Civil Code § RS 12:1861 cover?
Section RS 12:1861 ("Consecutive net losses") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 12:1861?
A common citation format is "Louisiana Civil Code § RS 12:1861" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 12:1861 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.