Louisiana Administrative Code
Title 37 - INSURANCE
Part XIII - Regulations
Chapter 7 - Regulation 39-Statement of Actuarial Opinion
Section XIII-709 - Exemptions
Universal Citation: LA Admin Code XIII-709
Current through Register Vol. 50, No. 3, March 20, 2024
A. Companies subject to this regulation may apply for an exemption. If an exemption is granted, a certified copy of the approved exemption must be filed with the annual statement in all jurisdictions in which the company is authorized to do business. An exemption may be applied for solely on the following grounds.
1. Automatic Exemption
a. An insurer, otherwise subject to this
regulation, that has less than $1,000,000 total direct plus assumed written
premiums during a calendar year or that has less than a total of 1,000
policyholders and certificate holders at the end of a calendar year, in lieu of
the certification required for the calendar year, may submit an affidavit,
under oath of an officer of the insurer, that specifies that amount of direct,
plus assumed, premiums written and the total number of policyholders and
certificate holders.
b. An insurer
who intends to file for an exemption under
§709 must submit a letter of intent to
its domiciliary commissioner no later than December 1 of the calendar year for
which the exemption is to be claimed. The commissioner may deny the exemption
prior to December 31 of the same year if he deems the exemption inappropriate.
If an insurer intends to file for an exemption for calendar year 1991, it must
do so no later than January 31, 1992.
2. Exemption for Insurers under Supervision
or Conservatorship
a. Unless ordered by the
domiciliary commissioner, an insurer that is under supervision or
conservatorship pursuant to statutory provision is exempt from the filing
requirement contained herein.
3. Exemption for Nature of Business
a. An insurer otherwise subject to this
regulation and not eligible for an exemption as enumerated above may apply to
its domiciliary commissioner for an exemption based on the nature of the
business written. This exemption is available to those companies writing
property lines only.
4.
Financial Hardship Exemption
a. An insurer
otherwise subject to this regulation and not eligible for any of the exemptions
enumerated above may apply to the commissioner for a financial hardship
exemption.
b. Financial hardship is
presumed to exist if the projected reasonable cost of the certification would
exceed the lesser of:
i. 1 percent of the
insurer's capital and surplus reflected in the insurer's annual statement filed
with the department for the calendar year for which the exemption is sought;
or
ii. 3 percent of the insurer's
net direct plus assumed premiums written during the calendar year for which the
exemption is sought as reflected in the insurer's annual statement filed with
its domiciliary commissioner.
AUTHORITY NOTE: Promulgated in accordance with R.S. 22:904.
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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