Louisiana § RS 22:2370 - Earned capital
Full text of Louisiana Louisiana Civil Code § RS 22:2370 — Earned capital, with citation guidance and answers to common questions.
§ RS 22:2370. Earned capital
A. An insurer who receives a matching capital fund grant under the provisions of this Chapter shall earn the grant at the rate of twenty percent per year for each year in which the insurer maintains the net written premiums in compliance with the requirements of this Chapter, such that the insurer may earn the entire grant in five years.
B. If an insurer fails to comply with the requirements of this Chapter at the end of any year of the grant, the commissioner shall have the option of granting an extension, if the insurer shows promise of future compliance.
C. If the commissioner finds that an insurer has failed to comply with the statutory or regulatory requirements for the grant, the commissioner may declare the insurer in default. The insurer in default shall repay any matching capital fund grant funds that have not been earned under Subsection A of this Section, plus legal interest from the date of the commissioner's default declaration.
D. In the event of insolvency of an insurer, the Louisiana Insurance Guaranty Association shall have no obligation to repay matching capital fund grants.
Acts 2007, No. 447, §1, eff. July 11, 2007; Redesignated from R.S. 22:3310 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2022, No. 754, §1.
Frequently Asked Questions About Louisiana § RS 22:2370
What does Louisiana Civil Code § RS 22:2370 cover?
Section RS 22:2370 ("Earned capital") 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 22:2370?
A common citation format is "Louisiana Civil Code § RS 22:2370" (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 22:2370 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.