§ 22:65 — Application for certificate of authority

Louisiana § 22:65

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§65. Application for certificate of authority
An application shall be made by the first directors to the commissioner of insurance
for a certificate of authority which shall be accompanied by:
(1) A copy of the acceptance of trust duly executed by each director.
(2) A copy of the oath of office taken by each officer.
(3) A statement verified by the oath of its president and its secretary, showing that
said company is duly organized and that its funds are invested as required by law.
(4) An agreement signed by its president and secretary to abide by and comply with
the rates, except for life, health and accident insurance, rules and regulations formulated and
adopted by the commissioner of insurance or any duly authorized state board or commission.
(5) Repealed by Acts 2009, No. 503, §2.
(6) A copy of the bylaws, which in case of a mutual insurer must specify the
minimum and maximum contingent liability of its policyholders for the payment of losses
incurred under its policies.
(7) Repealed by Acts 2009, No. 503, §2.
(8) A statement verified by the oath of its president and its secretary, disclosing the
identity and percentage of ownership of the company owners.
(9) Biographical background information, on a form prescribed by the commissioner,
for each owner of a controlling interest, at least ten percent ownership, for each director, and
for each officer.
(10) An agreement, at least three consecutive years in duration, signed by its
president, engaging an independent qualified auditor who is a member in good standing with
either the American Institute of Certified Public Accountants or with the Society of Financial
Examiners which has designated the auditor as a certified financial examiner, to provide the
commissioner an annual audited financial statement as required by the commissioner.
(11)(a) If a property or casualty insurer, an agreement, at least three consecutive
years in duration, signed by its president engaging an independent qualified actuary as
defined in the National Association of Insurance Commissioners Quarterly and Annual
Statement Instructions—Property/Casualty, to provide to the commissioner an annual
actuarial reserves analysis as required by the commissioner.
(b) If a life or health insurer, an agreement, at least three consecutive years in
duration, signed by its president engaging an independent qualified actuary who is a member
in good standing of the American Academy of Actuaries, to provide to the commissioner an
annual actuarial reserves analysis as required by the commissioner.
(c) The commissioner may adopt rules and regulations to implement the provisions
of this Paragraph pursuant to the Administrative Procedure Act.

Legislative History

Acts 1958, No. 125; Acts 1989, No. 604, §1, eff. Sept. 1, 1989; Acts 1991, No. 771, §1; Acts 1992, No. 704, §1; Redesignated from R.S. 22:35 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §§1, 2; Acts 2021, No. 370, §1.