RS 22:111 Surplus requirements; applicants prior to september 1, 1989
SUBPART C. DOMESTIC MUTUAL INSURERS
§111. Surplus requirements; applicants prior to September 1, 1989
A. Domestic mutual insurers who apply for a certificate of authority prior to September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having an initial minimum surplus represented by assets as follows:
Initial
Minimum
Insurance
Surplus
(1)
Life
$ 300,000
(2)
Health and accident
300,000
(1) and (2) above
300,000
(3)
Vehicle
1,000,000
(4)
Liability
1,000,000
(5)
Workers' compensation
(a) Any company organized and authorized to
transact workers' compensation only on or
before July 27, 1966
150,000
(b) Any company organized and authorized to
transact workers' compensation only after
July 27, 1966
1,000,000
(6)
Burglary and forgery
1,000,000
(7)
Fidelity
1,000,000
(8)
Title
75,000
(9)
Fire and allied lines
1,000,000
(10)
Steam boiler and sprinkler leakage
1,000,000
(11)
Crop
(a) Any company organized and authorized to
transact crop insurance only on or before
July 27, 1966
250,000
(b) Any company organized and authorized to
transact crop insurance only after
July 27, 1966
1,000,000
(12)
Marine and transportation (except hull)
1,000,000
(13)
Miscellaneous
1,000,000
(14)
Homeowners' insurance
1,000,000
(15)
Credit life, health, and accident insurance
300,000
(16)
Credit property and casualty insurance
1,000,000
(17)
Annuity
300,000
(18)
Surety
1,000,000
(19)
Industrial fire
300,000
(20)
All insurances, except life and title
1,000,000
B. Authority shall be granted mutual insurers upon compliance with all applicable requirements to transact combinations of kinds of insurance except as follows:
(1) An insurer authorized to transact life insurance shall not be authorized to transact any additional kind of insurance other than:
(a) Health and accident insurance.
(b) Annuity.
(c) Credit life, health, and accident insurance.
(2) An insurer authorized to transact title insurance shall not be authorized to transact any additional kind of insurance.
C. Domestic mutual insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the initial minimum surplus and operating surplus requirements and other requirements of R.S. 22:112.
Acts 1958, No. 125. Amended by Acts 1958, No. 103, §1; Acts 1962, No. 49, §1; Acts 1966, No. 71, §1; Acts 1980, No. 471, §1; Acts 1980, 2nd Ex.Sess., No. 5, §1, eff. Sept. 15, 1980; Acts 1983, 1st Ex.Sess., No. 1, §6; Acts 1985, No. 504, §1; Acts 1989, No. 561, §1; Redesignated from R.S. 22:121 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 326, §1, eff. Jan. 1, 2010; Acts 2009, No. 503, §1.