Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 1-3, 6-671
Section 22:165 - Minimum application and surplus requirementsA. A domestic reciprocal insurer, if it has otherwise complied with the provisions of this Code, may be authorized to exchange contracts of insurance in this state upon qualifying therefor and by having initial minimum assets as follows: | Insurance | Initial Minimum Surplus |
| (1) Health and accident | $ 300,000 |
| (2) Vehicle | 1,000,000 |
| (3) Liability | 1,000,000 |
| (4) Workers' compensation |
| (a) Any company organized and authorized to transact workers' compensation only on or before July 27, 1966 | 150,000 |
| (b) Any company organized and authorized to transact workers' compensation only after July 27, 1966 | 1,000,000 |
| (5) Burglary and forgery | 1,000,000 |
| (6) Fidelity | 1,000,000 |
| (7) Title | 75,000 |
| (8) Fire and allied lines | 1,000,000 |
| (9) Steam boiler and sprinkler damage | 1,000,000 |
| (10) Crop |
| (a) Any company organized and authorized to transact crop insurance only on or before July 27, 1966 | 250,000 |
| (b) Any company organized and authorized to transact crop insurance only after July 27, 1966 | 1,000,000 |
| (11) Marine and transportation | 1,000,000 |
| (12) Miscellaneous | 1,000,000 |
| (13) Homeowners' insurance | 1,000,000 |
| (14) Credit health and accident insurance | 300,000 |
| (15) Credit property and casualty insurance | 1,000,000 |
| (16) Surety | 1,000,000 |
| (17) Industrial fire | 300,000 |
| (18) All insurances, except life and title | 1,000,000 |
B. Domestic reciprocal insurers authorized to transact homeowners' insurance or fire and allied lines after August 1, 1967, shall have initial minimum surplus in the amount of five million dollars on or after December 31, 2026, and ten million dollars on or after December 31, 2031.C. Domestic reciprocal insurers who apply for a certificate of authority on or after September 1, 2022, that includes the lines of homeowners' insurance or fire and allied lines shall have initial minimum surplus in the amount of ten million dollars.Acts 1958, No. 125. Amended by Acts 1958, No. 102, §1; Acts 1962, No. 50, §1; Acts 1966, No. 72, §1; Acts 1983, 1st Ex.Sess., No. 1, §6; Redesignated from R.S. 22:435 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 326, §1, eff. Jan. 1, 2010; Acts 2009, No. 503, §1; Acts 2022, No. 60, §1, eff. Jan. 1, 2023; Acts 2022, No. 69, §1.Amended by Acts 2022, No. 69,s. 1, eff. 8/1/2022.Amended by Acts 2022, No. 60,s. 1, eff. 1/1/2023.Acts 1958, No. 125. Amended by Acts 1958, No. 102, §1; Acts 1962, No. 50, §1; Acts 1966, No. 72, §1; Acts 1983, 1st Ex.Sess., No. 1, §6; Redesignated from R.S. 22:435 by Acts 2008, No. 415, §1, eff. 1/1/2009; Acts 2009, No. 326, §1, eff. 1/1/2010; Acts 2009, No. 503, §1.Former R.S. 22:165 redesignated as R.S. 22:755 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.