§ 23:1391 — Purpose

§1391. Purpose
A. It is hereby declared by the Legislature of Louisiana that an adequate market for
workers' compensation insurance is necessary to the economic welfare of the state and that
without such insurance, the orderly growth and development of the state would be severely
impeded; that, furthermore, adequate insurance for workers' compensation is necessary to
enable employers to satisfy their legal obligation under R.S. 23:1168.
B. It is the purpose of the corporation to provide a residual market for those
employers that have in good faith, but without success, sought workers' compensation
insurance in the voluntary market of insurance; to provide a competitive market for preferred
risk policies as defined herein; and to insure that rates charged are adequate to provide
solvency and self-funding of the corporation.

Legislative History

Acts 1991, No. 814, §1; eff. Nov. 20, 1991.