Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XI - Rules
Chapter 48 - Emergency Rule 48-Insure Louisiana Incentive Program
Section XI-4805 - Definitions
Current through Register Vol. 50, No. 9, September 20, 2024
A. For the purposes of Emergency Rule 48, the following terms are defined as follows:
Authorized Insurer-an insurer with a certificate of authority in Louisiana.
Commissioner-the Commissioner of Insurance of the state of Louisiana.
Department-the Department of Insurance of the state of Louisiana.
Domestic Insurer-an insurer formed under the laws of the state of Louisiana that has been authorized by the department to sell insurance products in the state of Louisiana.
Earning Period-the timeframe, including any extension granted by the commissioner, in which the grantee can earn 20 percent or the pro rata share of the grant award.
Grantee-a property insurer to whom a grant is made from the Incentive Program Fund.
Incentive Program (where capitalized)-the Insure Louisiana Incentive Program as created, authorized and administered pursuant to R.S. 22:2361 et seq., and Emergency Rule 48
Incentive Program Fund (where capitalized)-the Insure Louisiana Incentive Fund established and created pursuant to R.S. 22:2371 and Emergency Rule 48
Legal Interest-interest at the rate fixed in R.S. 13:4202.
Net Written Premiums-the total premiums, exclusive of assessments and other charges, paid by policyholders to an insurer for policies that comply with Emergency Rule 48, minus any return premiums or other premium credits due policyholders, as defined in R.S. 22:2369(A). Premium received from participation in the depopulation or take-out program of Louisiana Citizens Property Insurance Corporation shall be included in net premiums written.
Newly Allocated Insurer Capital-capital committed by an insurer to match any grant funds received from the Incentive Program Fund.
Reporting Period-the financial statement reporting date of March 31, June 30, September 30, and December 31 of each respective year in the Incentive Program.
Surplus Lines Insurer-an insurer without a certificate of authority that meets the eligibility criteria of R.S. 22:435(A)(2) and (B) and from which a licensed surplus lines broker may procure insurance under the provisions of R.S. 22:432.
AUTHORITY NOTE: Promulgated in accordance with Act No. 1 of the 2023 Extraordinary Session and Act No. 2 of the 2023 Extraordinary Session, R.S. 22:11, 22:2361 et seq., and the Administrative Procedure Act, R.S. 49:950 et seq.
