La. Admin. Code tit. 37 § XIII-1105

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

Section XIII-1105 - Conditions for Retaining the Self-Insurance Privilege

A. The certificate of authority shall be continuous until revoked or suspended by the department, or until it is voluntarily surrendered by the fund.

B. All funds shall be required to submit the following documents and reports:

1. annual financial statements certified by an independent certified public accountant pursuant to §1107. B hereof;

2. estimated breakdown of policy year expenses pursuant to §1107. D hereof;

3. annual actuarial reports prepared by a qualified actuary;

4. changes in items required to be furnished under §1103.D 1, 2, 3, 4, 6, 10, 11, and 12 within 10 days of the effective date of such change;

5. any other documents permitted or required by regulation or statute.

C. All funds shall maintain a combined net worth of their members sufficient to pay all claims.

D. Each fund shall notify the commissioner, within 10 days of receiving knowledge thereof, of any claim, whether such claim is in litigation or otherwise, against the fund which, if the claimant is successful, would create an obligation of the fund to pay in excess of 50 percent of the fund's specific self-insured retention or $125,000, whichever is less.

E. The commissioner may prescribe the format and frequency of other reports which may include, but shall not be limited to, payroll audit reports, summary loss reports, and quarterly financial statements.

F. The commissioner may require periodic proof that the fund is complying with the applicable laws, rules, regulations, and directives of the Department of Insurance.

G. Repealed.

La. Admin. Code tit. 37, § XIII-1105

Promulgated by the Department of Insurance, Office of the Commissioner, LR 18:1403 (December 1992), Amended LR 49268 (2/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 23:1200.1.