Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XI - Rules
Chapter 3 - Rule 4 - Interlocal Risk Management Agency
Section XI-315 - Aggregate Excess Insurance, Interlocal Risk Management Agency ; Self-Insurance

1. is issued by a casualty insurance company authorized to transact such business in this state, or a licensed resident surplus lines broker;

2. is not cancellable or nonrenewable unless written notice by registered or certified mail is given to the other party to the policy and to the Commissioner of Insurance not less than 30 days before termination by the party desiring to cancel or not renew the policy;

3. any contract or policy containing any type of commutation clause shall provide that any commutation effected thereunder shall not relieve the underwriter or underwriters of further liability in respect to claims and expenses unknown at the time of such commutation and which are subsequently reopened by or through a competent authority. If the underwriter proposes to settle their liability for future payments payable as compensation for accidents occurring during the term of the policy by the payment of a lump sum to the interlocal risk management agency, to be fixed as provided in the commutation clause of the policy, then not less than 30 days prior notice of such commutation shall be given to the Insurance Department by the underwriter(s) or its (their) agent by registered or certified mail. If any commutation is effected, then the Commissioner of Insurance shall have the right to direct that such sum be placed in trust for the benefit of the loss fund;

4. all of the following shall be applied toward the reaching of the retention level in the aggregate excess contract:

5. copies of the complete policy of aggregate excess insurance shall be filed with the Commissioner of Insurance, together with a certification that such policy fully complies with this rule and applicable statutes.