Louisiana § RS 22:436.1 - Domestic surplus lines insurer

§ RS 22:436.1. Domestic surplus lines insurer

            A. The commissioner may designate a domestic insurer as a domestic surplus lines insurer upon its application, which shall include, as a minimum, an authorizing resolution of the board of directors and evidence to the commissioner's satisfaction that the insurer has capital and surplus of not less than fifteen million dollars. The commissioner shall not approve an application until all outstanding fees and assessments owed pursuant to this Title are paid in full or satisfaction arrangements for their payment are established with the commissioner.

            B. A domestic surplus lines insurer shall:

            (1) Be limited in its authority in this state to providing surplus lines insurance.

            (2) Be authorized to write any type of insurance in this state that may be placed with a surplus lines insurer pursuant to this Subpart.

            (3) Be subject to the requirements of this Title applicable to domestic insurers except as follows:

            (a) Part IV of Chapter 3 of this Title relative to taxes and exemptions.

            (b) Subpart O of Part IV of Chapter 4 of this Title relative to ratemaking procedures and organizations except as required pursuant to R.S. 22:1456(B)(2) relative to public carrier vehicles.

            (c) Chapter 10 of this Title relative to guaranty funds.

            (4) Report to the commissioner all surplus lines business placed in this state in the manner required of an approved unauthorized insurer.

            C. A domestic surplus lines insurer may write insurance in other jurisdictions with the approval of the commissioner.

            Acts 2015, No. 193, §1.