La. Admin. Code tit. 37 § XI-4827

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

Section XI-4827 - Compliance

A. The commissioner shall conduct an examination under R.S. 22:1981, financial analysis under R.S. 22:1984 and/or investigation annually, or more often as the commissioner deems necessary to determine the grantee's compliance with the requirements of the grant, as per R.S. 22:2361 et seq., and Emergency Rule 48 In addition to the requirements of R.S. 22:2361 et seq., the Department may require such reports and/or conduct such examinations, financial analysis or investigations as the commissioner deems necessary to verify compliance with the property insurance requirements set forth in the Incentive Program and Emergency Rule 48

B. The commissioner shall submit annual and quarterly reports on the Incentive Program to the House Committee on Appropriations, the Senate Committee on Finance, and the House and Senate Committees on Insurance containing information for the preceding year and quarter, respectively, detailing the following:

1. the amount of premium written by parish and by grantee under the Incentive Program;

2. the amount of premium by parish and by grantee associated with the property located in the parishes listed in §4815.B 3;

3. the amount of premium by parish and by grantee taken-out from the Louisiana Citizens Property Insurance Corporation; and

4. the total amount of premium for each grantee by parish, including the premium written under the Incentive Program.

C. If the commissioner determines that a grantee has complied with the terms of the grant, the commissioner shall notify the grantee in writing that the grantee has earned the 20 percent portion of the grant pursuant to R.S. 22:2370.

D. If the commissioner determines that the grantee shows promise of future compliance, the commissioner may grant an extension of not more than one year to a grantee who has failed to satisfy all requirements of the grant.

La. Admin. Code tit. 37, § XI-4827

Promulgated by the Department of Insurance, Office of the Commissioner, LR 49

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.