La. Admin. Code tit. 37 § XIII-9009

Current through Register Vol. 50, No. 6, June 20, 2024

Section XIII-9009 - Definitions

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.

La. Admin. Code tit. 37, § XIII-9009

Promulgated by the Department of Insurance, Office of the Commissioner, LR 26:500 (March 2000), Amended LR 451776 (12/1/2019).

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