§ 22:68 — Books and records of domestic insurer; securities

Louisiana § 22:68

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§68. Books and records of domestic insurer; securities
A. Every domestic and redomesticated insurer shall keep its books, records,
documents, accounts, and vouchers in such manner that its financial condition, affairs, and
operations can be ascertained and so that its financial statements filed with the commissioner
can be readily verified and its compliance with the law determined. Such insurer may cause
any or all such books, records, documents, accounts, and vouchers to be photographed,
reproduced on film, or maintained electronically in electronic data processing equipment.
Any such photographs, microphotographs, optical imaging, electronic, or film reproductions
of any original books, records, documents, accounts, and vouchers shall for all purposes be
considered the same as the originals thereof and a transcript, exemplification, or certified
copy of any such photograph, microphotograph, optical imaging, electronic, or film
reproduction shall for all purposes be deemed to be a transcript, exemplification, or certified
copy of the original. Any original so reproduced may thereafter be disposed of or destroyed,
as provided for in Subsection B of this Section, if provision is made for preserving and
examining such reproductions.
B. All such original books, records, documents, accounts, and vouchers, or such
reproductions thereof, of the home office of any domestic company or of any principal
United States office of a foreign or alien company located in this state shall be preserved and
kept available in this state for the purpose of examination. At a minimum all such original
records shall be maintained for the period commencing on the first day following the last
period examined by the commissioner through the subsequent examination period, or five
years, whichever is greater. Such original records may, however, be kept and maintained
outside this state if, according to a plan adopted by the company's board of directors and filed
with the commissioner, it maintains suitable records in lieu thereof.
C. Any domestic company may maintain for its securities a limited agency, custodial
or depository account, or other type of account for the safekeeping of those securities;
collecting the income from those securities; and providing supportive accounting services
relating to such safekeeping and collection; all provided the domestic company maintains full
investment discretion over those securities. The commissioner of insurance is hereby
authorized to promulgate rules and regulations pursuant to this Subsection.
D. Any director, officer, agent, or employee of any company who destroys any such
books, records, or documents without the authority of the commissioner in violation of this
Section or who fails to keep the books, records, documents, accounts, and vouchers required
by this Section shall be fined not more than five thousand dollars.

Legislative History

Added by Acts 1979, No. 115, §1; Acts 2001, No. 302, §1; Acts 2004, No. 342, §1; Redesignated from R.S. 22:39 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2010, No. 7, §3, eff. May 19, 2010; Acts 2010, No. 212, §1; Acts 2016, No. 30, §1.