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      RS 22:81     

  

SUBPART B. DOMESTIC STOCK INSURERS

§81. Capital requirements; applicants prior to September 1, 1989

            A. Domestic stock 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 paid-in capital and minimum surplus represented by assets as follows:

                                                                                                Paid-in                Minimum            Insurance                                                                    Capital                  Surplus

 (1)   Life                                                                          $ 100,000               $200,000

 (2)   Health and accident                                                      100,000                 200,000

         (1) and (2) above                                                          100,000                 200,000

 (3)   Vehicle                                                                         650,000                 350,000 (4)   Liability                                                                        650,000                 350,000

 (5)   Workers' compensation

         (a)   Any company organized and authorized to

                transact workers' compensation only on or

                before July 27, 1966                                             100,000                   50,000

         (b)  Any company organized and authorized to

                transact workers' compensation only

                after July 27, 1966                                                650,000                 350,000

 (6)   Burglary and forgery                                                    650,000                 350,000

 (7)   Fidelity                                                                         650,000                 350,000

 (8)   Title

         (a) Any company licensed to transact title

                insurance prior to September 1, 1985                     50,000                   25,000

         (b) Any company licensed to transact title

                insurance on or after September 1, 1985              100,000                 200,000

 (9)   Fire and allied lines                                                      650,000                 350,000

(10)  Steam boiler and sprinkler leakage                              650,000                 350,000

(11)  Crop

         (a)   Any company organized and authorized to

                transact crop insurance only on or before

                July 27, 1966                                                        100,000                 150,000

         (b)  Any company organized and authorized to

                transact crop insurance only after

                July 27, 1966                                                        650,000                 350,000

(12)  Marine and transportation                                            650,000                 350,000

(13)  Miscellaneous                                                               650,000                 350,000

(14)  Homeowners' insurance                                               650,000                 350,000

(15)  Credit life, health, and accident insurance                   100,000                 200,000

(16)  Credit property and casualty insurance                        650,000                 350,000

(17)  Annuity                                                                        100,000                 200,000

(18)  Surety                                                                           650,000                 350,000

(19)  Industrial fire                                                                200,000                 100,000

(20)  All insurances, except life and title or                          650,000                 350,000

         combined capital and surplus                                    1,000,000

            B. Authority shall be granted stock 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 stock insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the paid-in capital, minimum surplus, operating surplus, and other requirements of R.S. 22:82.

            Acts 1958, No. 125. Amended by Acts 1958, No. 101, §1; Acts 1960, No. 139, §1; Acts 1966, No. 234, §1; Acts 1980, No. 470, §1; Acts 1980, 2nd Ex.Sess., No. 6, §1, eff. Sept. 15, 1980; Acts 1983, 1st Ex.Sess., No. 1, §6; Acts 1985, No. 718, §1, eff. Sept. 1, 1985; Acts 1989, No. 562, §1; Redesignated from R.S. 22:71 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 326, §1, eff. Jan. 1, 2010; Acts 2009, No. 503, §1.

NOTE: Former R.S. 22:81 redesignated as R.S. 22:93 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.



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