§ 22:550.11 — Deposit required of association captive insurance companies

Louisiana § 22:550.11

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§550.11. Deposit required of association captive insurance companies
Before receiving a certificate of authority, all association captive insurance companies
shall deposit with the commissioner a safekeeping or trust receipt from a bank located in the
state and doing business within the state or from a savings and loan association chartered to
do business in this state indicating that the association captive insurance company has
deposited one hundred thousand dollars in money or bonds of the United States, the state of
Louisiana, or any political subdivision thereof, of the par value of not less than one hundred
thousand dollars. All securities deposited pursuant to this Section shall be held in trust for
the benefit and protection of and as security for all policyholders of the association captive
insurance company making the deposit.

Legislative History

Acts 2008, No. 403, §1, eff. Jan. 1, 2009; Redesignated by Acts 2009, No. 503, §3; Acts 2025, No. 313, §2.