Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 90 - Regulation 72-Commercial Lines Insurance Policy Form Deregulation
Section XIII-9009 - Definitions

Universal Citation: LA Admin Code XIII-9009

Current through Register Vol. 50, No. 9, September 20, 2024

A. For the purposes of this regulation the following terms shall have the meaning ascribed herein, unless the context clearly indicates otherwise.

Affiliated Group-two or more persons who are owned or controlled directly or indirectly though one or more intermediaries by, or are under common control with, the person specified (i.e., the named insured) and includes a subsidiary.

Authorized Insurer-shall have the meaning found in R.S. 22:46(3).

COI-the Commissioner of Insurance for the state of Louisiana.

Commissioner-the commissioner of insurance for the state of Louisiana.

Commercial Risk-any kind of risk that is not a personal risk.

Competitive Market-a market in which a reasonable degree of competition exists or which has not been found to be in violation of R.S. 22:1961 et seq. In determining whether a reasonable degree of competition exists within a line of insurance, the commissioner shall consider the following factors:

a. the number of insurers available to write the coverage;

b. market shares of the leading writers and the changes in market shares over a reasonable period of time;

c. existence of financial or economic barriers that could prevent new firms from entering the market;

d. measures of market concentration and changes of market concentration over time;

e. whether long-term profitability for insurers in the market is reasonable in relation to industries of comparable business risk; and

f. the relationship of insurers' cost to revenue over a reasonable period of time.

Insurer-shall have the meaning found in R.S. 22:46(10).

LDOI-the Louisiana Department of Insurance.

LIRC-the Louisiana Insurance Rating Commission.

Person-any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation.

Personal Risk-homeowners, tenants, private passenger nonfleet automobile, mobile home and other property and casualty insurance for personal, family or household needs.

State-the state of Louisiana.

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11 and R.S. 22:861.F.

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