Louisiana § RS 22:550.31 - Dormant captive insurance companies
Full text of Louisiana Louisiana Civil Code § RS 22:550.31 — Dormant captive insurance companies, with citation guidance and answers to common questions.
§ RS 22:550.31. Dormant captive insurance companies
A. As used in this Section, unless the context requires otherwise, "dormant captive insurance company" means a captive insurance company that has ceased transacting the business of insurance, including the issuance of insurance policies, and has no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy pursuant to this Section.
B. A captive insurance company domiciled in this state that meets the criteria of Subsection A of this Section may apply to the commissioner for a certificate of dormancy. The certificate of dormancy is subject to renewal every five years and shall be forfeited if not renewed within such time.
C. A dormant captive insurance company that has been issued a certificate of dormancy shall do all of the following:
(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than twenty-five thousand dollars; however, if the dormant captive insurance company had never capitalized, it is not required to add capital upon entering dormancy.
(2) Prior to March first of each year, submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers, in a form that may be prescribed by the commissioner.
(3) Pay a certificate of authority reactivation application fee of five hundred dollars in accordance with R.S. 22:821.
D. A dormant captive insurance company is not subject to or liable for the payment of any tax pursuant to R.S. 22:550.23.
E. A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.
F. The commissioner shall revoke a certificate of dormancy if a dormant captive insurance company no longer meets the criteria of Subsection A of this Section.
Acts 2025, No. 313, §2.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 22:550.31
What does Louisiana Civil Code § RS 22:550.31 cover?
Section RS 22:550.31 ("Dormant captive insurance companies") 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 22:550.31?
A common citation format is "Louisiana Civil Code § RS 22:550.31" (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 22:550.31 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.