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.

            D. Domestic mutual insurers authorized to transact homeowners' insurance or fire and allied lines prior to September 1, 1989, shall have initial minimum surplus and operating surplus in the amount of five million dollars on or after December 31, 2026, and ten million dollars on or after December 31, 2031.

            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; Acts 2022, No. 60, §1, eff. Jan. 1, 2023; Acts 2022, No. 69, §1.