This text of Louisiana § 22:340 (Procedure following merger or consolidation) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§340. Procedure following merger or consolidation
A. Whenever a foreign or alien insurer authorized to transact business in this state
shall be the surviving insurer of a statutory merger permitted by the laws of the state or
country under which it is organized, and the merger is not subject to the provisions of R.S.
22:73 and 96, Subpart H of Part III of this Chapter, R.S. 22:731 et seq., and Chapter 9 of this
Title, R.S. 22:2001 et seq., it shall immediately file with the commissioner of insurance:
(1)One copy of the agreement and certificate of merger duly authenticated by the
proper official of the state or country under the laws of which the statutory merger was
effected which shall be retained by the commissioner of insurance.
(2)If any of the insurers party to such merger were not
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§340. Procedure following merger or consolidation
A. Whenever a foreign or alien insurer authorized to transact business in this state
shall be the surviving insurer of a statutory merger permitted by the laws of the state or
country under which it is organized, and the merger is not subject to the provisions of R.S.
22:73 and 96, Subpart H of Part III of this Chapter, R.S. 22:731 et seq., and Chapter 9 of this
Title, R.S. 22:2001 et seq., it shall immediately file with the commissioner of insurance:
(1) One copy of the agreement and certificate of merger duly authenticated by the
proper official of the state or country under the laws of which the statutory merger was
effected which shall be retained by the commissioner of insurance.
(2) If any of the insurers party to such merger were not admitted to transact business
in this state, a statement of the financial condition and business of each of such insurers, as
of the end of the preceding calendar year complying as to form, content and verification with
the requirements of this Code for annual statements, or a financial statement as of such later
date as the commissioner of insurance may require.
B. It shall not be necessary for such surviving insurer to procure a new certificate of
authority to transact business in this state nor an amended certificate unless the name of such
insurer be changed thereby or unless the insurer desires to transact in this state a kind or
kinds of business other than those which it is then authorized to transact.
C. Whenever a foreign or alien insurer authorized to transact business in this state
shall be a party to a statutory merger and such insurer shall not be the surviving insurer, or
if such foreign or alien insurer shall be a party to a consolidation, then the certificate of
authority of such foreign or alien insurer shall terminate upon such merger or consolidation,
and the surviving insurer, if not previously authorized to transact business in this state, or the
new insurer, in the case of consolidation, shall be subject to the same requirements for
admission to transact business in this state as any other foreign or alien insurer.
NOTE: Former R.S. 22:340 redesignated as R.S. 22:200 by Acts 2008, No.
415, §1, eff. Jan. 1, 2009.