Louisiana § RS 22:2084 - Definitions

§ RS 22:2084. Definitions

            As used in this Part:

            (1) "Account" means any of the four accounts created by R.S. 22:2085(A).

            (2) "Association" means the Louisiana Life and Health Insurance Guaranty Association created by R.S. 22:2085.

            (3) "Commissioner" means the commissioner of insurance.

            (4) "Contractual obligation" means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided by R.S. 22:2083.

            (5) "Covered contract" or "covered policy" means any policy or contract within the scope of this Part as set forth in R.S. 22:2083.

            (6) "Impaired insurer" means a member insurer which is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.

            (7) "Insolvent insurer" means a member insurer which is placed under an order by a court of competent jurisdiction with a finding of insolvency.

            (8) "Member insurer" means any insurer or health maintenance organization licensed or which holds a certificate of authority to transact in this state any kind of insurance or health maintenance organization business for which coverage is provided by R.S. 22:2083, and includes any insurer or health maintenance organization whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn, but shall not include any of the following:

            (a) Repealed by Acts 2018, No. 97, §2.

            (b) A fraternal benefit society.

            (c) A mandatory state pooling plan.

            (d) A mutual assessment company or any entity that operates on an assessment basis.

            (e) An insurance exchange.

            (f) A hospital or medical service organization, whether operated for profit or as a nonprofit.

            (g) An organization that issues charitable gift annuities as is defined in R.S. 22:952(A)(3).

            (h) Any entity similar to any of the above.

            (9) "Moody's Corporate Bond Yield Average" means the Monthly Average Corporates as published by Moody's Investors Service, Inc., or any successor thereto.

            (10) "Person" means any individual, corporation, partnership, association, or voluntary organization.

            (11) "Premiums" means amounts received on covered policies or contracts, less considerations, deposits, dividends, and experience credits thereon. "Premiums" shall not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided by R.S. 22:2083(B), except that accessible premiums shall not be reduced on account of R.S. 22:2083(B)(2)(c)(ii) relating to interest limitations with respect to any one individual, any one participant, and any one policyholder.

            (11.1) "Receivership court" means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer.

            (12) "Resident" means a person who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer and to whom a contractual obligation is owed. A person may be a resident of only one state, which in the case of a person other than a natural person shall be its principal place of business. Citizens of the United States that are either residents of foreign countries, or residents of United States possessions, territories, or protectorates that do not have an association similar to the association created by this Part, shall be deemed residents of the state of domicile of the member insurer that issued the policies or contracts.

            (12.1) "Structured settlement annuity" means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

            (13) "Supplemental contract" means any agreement entered into for the distribution of policy or contract proceeds.

            (14) "Unallocated annuity contract" means any annuity contract or group annuity certificate which is not issued to and owned by an individual except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.

            Acts 1991, No. 998, §1, eff. Sept. 30, 1991; Acts 1994, 3rd Ex. Sess., No. 92, §1; Redesignated from R.S. 22:1395.4 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 258, §1; Acts 2012, No. 271, §1; Acts 2014, No. 374, §1; Acts 2018, No. 97, §§1, 2; Acts 2021, No. 19, §1, eff. June 1, 2021.

NOTE: Former R.S. 22:2084 redesignated as R.S. 22:496 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.