Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 193 - Regulation Number 128-Louisiana Timber and Agriculture Transportation Group Self-Insurance Funds
Section XIII-19303 - Excess Insurance or Reinsurance
Universal Citation: LA Admin Code XIII-19303
Current through Register Vol. 50, No. 9, September 20, 2024
A. All funds shall maintain specific excess insurance or reinsurance in the amount of at least $2,000,000 per occurrence and aggregate excess insurance or reinsurance of at least $2,000,000.
B. The maximum retention allowed for a fund's specific excess policy shall be approved by the department.
1. A fund shall submit a feasibility study
prepared by a qualified actuary which analyzes the impact the specific
retention on the fund.
2. No fund
shall secure a retention which in the commissioner's opinion is not actuarially
sound.
3. The commissioner shall
deny the use of a retention if he finds that the higher retention will have a
significant adverse effect on the financial condition of the fund.
C. The fund shall secure an aggregate limit of at least 20 percent of the annual premium of the fund for the term of the policy. The retention of the aggregate policy shall be subject to the approval of the commissioner.
AUTHORITY NOTE: Promulgated in accordance with R.S. 3:4351.3.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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