§ 22:1722 — Definitions

Louisiana § 22:1722

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1722. Definitions
As used in this Part:
(1) "Actuary" shall mean a person who is a member in good standing of the
American Academy of Actuaries.
(2) "Business entity" shall mean a corporation, association, partnership, limited
liability company, limited liability partnership, or other legal entity.
(3) "Controlling person" shall mean any person who directly or indirectly has the
power to direct or cause to be directed, the management, control, or activities of the
reinsurance intermediary.
(4) "Individual" shall mean a natural person.
(5) "Insurer" shall mean any authorized insurer as defined in R.S. 22:46.
(6) "Licensed producer" shall mean a person licensed as an insurance producer
pursuant to the provisions of Subpart A of Part I of this Chapter, R.S. 22:1541 et seq., or
a person licensed as a reinsurance intermediary-broker licensed pursuant to this Part.
(7) "Person" shall mean an individual or business entity.
(8) "Reinsurance intermediary" shall mean a reinsurance intermediary-broker or a
reinsurance intermediary-manager.
(9) "Reinsurance intermediary-broker" shall mean any person, other than an officer
or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or
retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance
on behalf of such insurer.
(10) "Reinsurance intermediary-manager" shall mean any person who has authority
to bind or manages all or part of the assumed reinsurance business of a reinsurer, including
the management of a separate division, department, or underwriting office, and acts as an
agent for such reinsurer, whether known as a reinsurance intermediary-manager, manager,
or other similar term. Notwithstanding any previous provision of this Section, the following
persons shall not be considered a reinsurance intermediary-manager, with respect to such
reinsurer, for the purposes of this Part:
(a) An employee of the reinsurer.
(b) A United States manager of the United States branch of an alien reinsurer.
(c) An underwriting manager which, pursuant to contract, manages all of the
reinsurance operations of the reinsurer, is under common control with the reinsurer, subject
to the Insurance Holding Company System Regulatory Law, R.S. 22:691.1 et seq., and whose
compensation is not based on the volume of premiums written.
(d) The manager of a group, association, pool, or organization of insurers which
engage in joint underwriting or joint reinsurance and who are subject to examination by the
state in which the manager's principal business office is located.
(11) "Reinsurer" shall mean any person duly licensed in this state, pursuant to the
applicable provisions of this Code, as an insurer with the authority to assume reinsurance.
(12) "Qualified United States financial institution" shall, for purposes of this Part,
mean an institution that:
(a) Is organized or licensed under the laws of the United States or any state thereof.
(b) Is regulated, supervised, and examined by federal or state authorities having
regulatory authority over banks and trust companies.
(c) Has been determined by either the commissioner of insurance or the Securities
Valuation Office of the National Association of Insurance Commissioners to meet such
standards of financial condition and standing as are considered necessary and appropriate to
regulate the quality of financial institutions whose letters of credit will be acceptable to the
commissioner.
(13) "To be in violation" shall mean that the reinsurance intermediary, insurer, or
reinsurer for whom the reinsurance intermediary was acting failed to substantially comply
with the provisions of this Part.

Legislative History

Acts 1992, No. 811, §1; Redesignated from R.S. 22:1210.21 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2022, No. 161, §1.