§ 33:5084 — Risk management organization not an insurance company or insurer

§5084. Risk management organization not an insurance company or insurer
A. A risk management organization is not an insurance company or an insurer under
the laws of this state, and the development and administration by the organization of a group
self-insurance refund or funds established for one or more risks shall not constitute doing
business as an insurance company. Agreements between affiliates and subsidiaries of housing
authorities providing for the creation and maintenance of a risk management organization
shall not be deemed to constitute insurance as defined by R.S. 22:46, nor shall the risk
management organization or the development of a group self-insurance fund be subject to
the provisions of Chapter 1 of Title 22 of the Louisiana Revised Statutes of 1950.
B. Any declaration of coverages issued to its members by the organization shall have
the following notice:
"In the event of insolvency of the risk management organization, the members of the
organization are not covered by the Louisiana Insurance Guaranty Association or the
Louisiana Life and Health Insurance Guaranty Association, which guarantees only specific
types of policies issued by insurance companies authorized to do business in Louisiana."

Legislative History

Acts 2022, No. 686, §1, eff. June 18, 2022.