La. Admin. Code tit. 37 § XI-309

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

Section XI-309 - Filing of Reports

A. A certified audited financial statement must be submitted annually. That statement must contain a review of the interlocal risk management agency operations and general conditions by a certified independent casualty actuary. During the first two years of the existence of the interlocal risk management agency, the Commissioner of Insurance, or his chief examiner, may require periodic interim financial reports. Those reports may be required on a basis no more frequent than quarterly.

B. That statement of financial condition must include a report of the outstanding workmen's compensation liabilities of the interlocal risk management agency and include details of the amount and source of all monies recoverable from any third party.

C. Summary loss data shall be filed with the Department of Insurance on each fund member within 60 days after the evaluation date of the losses being reported in a manner acceptable to the Department of Insurance.

D. Classified, audited, and properly limited payrolls and premium development on each fund member shall be submitted to the Insurance Department on acceptable forms within 60 days after the evaluation date of the summary loss information required in §309. C

E. All of the information required in §309. D shall be submitted using classification, payroll limitations, experience modification, and rate procedure of the National Council on Compensation Insurance, or in the case of public liability, those of Insurance Services Office, as filed and approved for use in this state.

F. Failure or refusal of the interlocal risk management agency to file these reports in accordance with this rule shall be considered good cause to suspend or refuse renewal of the Certificate of Authority issued by the Commissioner of Insurance.

La. Admin. Code tit. 37, § XI-309

Promulgated by the Department of Insurance, Commissioner of Insurance, LR 16:621 (July 1990).

AUTHORITY NOTE: Promulgated in accordance with R.S. Title 22, Section 2 of 1950 and Act 462 of the 1979 Session of the Louisiana Legislature.