§ 22:733 — Prohibited acts during period of supervision

Louisiana § 22:733

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

During the period of administrative supervision, the commissioner or his designee shall serve as the administrative supervisor of the insurer. The commissioner may require that the insurer not do any of the following during the period of supervision without his or his designee's prior written approval:
(1) Dispose of, convey, or encumber any of its assets, liabilities, or business in force.
(2) Withdraw any monies, or contents therein, of its bank accounts.
(3) Lend any of its funds.
(4) Invest any of its funds.
(5) Transfer any of its property.
(6) Incur any debt, obligation, or liability.
(7) Merge or consolidate with another company.
(8) Approve new premiums or renew any policies.
(9) Enter into any new reinsurance contract or treaty.
(10) Terminate, surrender, forfeit, convert, or lapse any insurance policy, certificate, or contract, except those obligations for nonpayment of premiums due.
(11) Release, pay, or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate, or contract.
(12) Make any material change in management.
(13) Increase salaries and benefits of officers or directors or the payment of bonuses, dividends, or other payments deemed preferential.
NOTE: Former R.S. 22:733 redesignated as R.S. 22:2005 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

Legislative History

Acts 1991, No. 997, §1; Redesignated from R.S. 22:770 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.