Louisiana § 22:801 Commissioner authorized to hold deposits

Louisiana Statutes

§ 22:801 — Commissioner authorized to hold deposits

Louisiana § 22:801

Title 22Insurance

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Bluebook

La. Stat. Ann. § 22:801 (2026).

Text

§801. Commissioner authorized to hold deposits A. If a deposit in this state is required by another state or jurisdiction as a condition of seeking or maintaining a license or certificate of authority or surplus lines approval in that state or jurisdiction, an insurer authorized in Louisiana may make the deposit as provided in this Section.

(1)The insurer shall notify the commissioner in writing of the intent to make the deposit. This notice shall include the reason for the deposit and the amount of the deposit to be held and shall specifically identify each jurisdiction for which the deposit is required.

(2)The deposit shall be made in a bank doing business in this state or a savings and loan association chartered to do business in this state and shall be pledged to the commissioner as

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§801. Commissioner authorized to hold deposits
A. If a deposit in this state is required by another state or jurisdiction as a condition
of seeking or maintaining a license or certificate of authority or surplus lines approval in that
state or jurisdiction, an insurer authorized in Louisiana may make the deposit as provided in
this Section.
(1) The insurer shall notify the commissioner in writing of the intent to make the
deposit. This notice shall include the reason for the deposit and the amount of the deposit to
be held and shall specifically identify each jurisdiction for which the deposit is required.
(2) The deposit shall be made in a bank doing business in this state or a savings and
loan association chartered to do business in this state and shall be pledged to the
commissioner as provided in this Section.
(3) Deposits made pursuant to this Section shall be held in trust for the benefit and
protection of, and as security for, all policyholders and creditors of the insurer making the
deposit.
B. The commissioner may, as a condition of the issuance or maintenance of a
certificate of authority in this state, order an insurer to make and maintain a deposit based
upon the type, volume, or nature of insurance business transacted. Deposits made pursuant
to this Subsection shall be held pursuant to the requirements and conditions ordered by the
commissioner.
C. Deposits made pursuant to this Section shall be in the form of money or in
approved bonds of the United States, the state of Louisiana, or any political subdivision of
the state thereof with a market value of not less than the required amount as specified by the
insurer or required by the commissioner.
D. Every insurer making a deposit in compliance with this Section shall, no later than
the first of March each year, provide to the commissioner a safekeeping or trust receipt from
the bank or savings and loan association holding the deposit confirming the amount of the
deposit, identifying the nature of the deposit, and confirming the fact that the deposit is
pledged to the commissioner.
NOTE: Former R.S. 22:801 redesignated as R.S. 22:71 by Acts 2008, No.
415, §1, eff. Jan. 1, 2009.

Legislative History

Acts 1958, No. 125. Amended by Acts 1969, No. 75, §1; Acts 1979, No. 198, §1; Acts 1979, No. 235, §1; Acts 1981, No. 746, §1; Acts 1982, No. 748, §1; Acts 1996, 1st Ex. Sess., No. 71, §1, eff. May 10, 1996; Redesignated from R.S. 22:1021 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2008, No. 504, §1, eff. Jan. 1, 2009; Acts 2021, No. 159, §1, eff. July 1, 2021.