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      RS 22:82     

  

§82. Capital requirements; applicants on and after September 1, 1989

            A. Domestic stock insurers which apply for a certificate of authority on or after September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having paid-in capital, minimum surplus, and operating surplus represented by assets as follows:

                                                                              Paid-in       Minimum        Operating

         Insurance                                                     Capital         Surplus           Surplus

  (1)   Life                                                         $100,000      $1,900,000      $1,000,000

  (2)   Health and accident                                  100,000        1,900,000        1,000,000

          (1) and (2) above                                      100,000        1,900,000        1,000,000

  (3)   Vehicle                                                      650,000        1,350,000        1,000,000

  (4)   Liability                                                    650,000        1,350,000        1,000,000

  (5)   Workers' compensation                            650,000        1,350,000        1,000,000

  (6)   Burglary and forgery                                650,000        1,350,000        1,000,000

  (7)   Fidelity                                                      650,000        1,350,000        1,000,000

  (8)   Title                                                           100,000           400,000           500,000

  (9)   Fire and allied lines                                   650,000        1,350,000        1,000,000

(10)   Steam boiler and sprinkler leakage           650,000        1,350,000        1,000,000

(11)   Crop                                                          650,000        1,350,000        1,000,000

(12)   Marine and transportation                         650,000        1,350,000        1,000,000

(13)   Miscellaneous                                           650,000        1,350,000        1,000,000

(14)   Homeowners' insurance                            650,000        1,350,000        1,000,000

(15)   Credit life, health, and accident

          insurance                                                   100,000        1,900,000        1,000,000

 (16)   Credit property and casualty insurance     650,000        1,350,000        1,000,000

(17)   Annuity                                                     100,000        1,900,000        1,000,000

(18)   Surety                                                        650,000        1,350,000        1,000,000

(19)   Industrial fire                                            200,000           800,000        1,000,000

(20)   All insurances except life and title            650,000        1,350,000        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. For the purposes of this Section, assets representing at least fifty percent of the operating surplus must be maintained in cash or in cash equivalents as prescribed by the commissioner.

            Acts 1989, No. 562, §1; Acts 2003, No. 131, §1; Acts 2005, No. 27, §1, eff. June 9, 2005; Redesignated from R.S. 22:71.1 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. 22:82 redesignated as R.S. 22:94 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.



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