Section 22:81 - Capital requirements; applicants prior to September 1, 1989A. Domestic stock insurers who apply for a certificate of authority prior to September 1, 1989, may transact the following kinds of insurance in this state upon qualifying therefor and by having paid-in capital and minimum surplus represented by assets as follows: Insurance | Paid-in Capital | Minimum Surplus |
(1) Life | $ 100,000 | $200,000 |
(2) Health and accident | 100,000 | 200,000 |
(1) and (2) above | 100,000 | 200,000 |
(3) Vehicle | 650,000 | 350,000 |
(4)Liability | 650,000 | 350,000 |
(5) Workers' compensation |
(a) Any company organized and authorized to transact workers' compensation only on or before July 27, 1966 | 100,000 | 50,000 |
(b) Any company organized and authorized to transact workers' compensation only after July 27, 1966 | 650,000 | 350,000 |
(6) Burglary and forgery | 650,000 | 350,000 |
(7) Fidelity | 650,000 | 350,000 |
(8) Title |
(a) Any company licensed to transact title insurance prior to September 1, 1985 | 50,000 | 25,000 |
(b) Any company licensed to transact title insurance on or after September 1, 1985 | 100,000 | 200,000 |
(9) Fire and allied lines | 650,000 | 350,000 |
(10) Steam boiler and sprinkler leakage | 650,000 | 350,000 |
(11) Crop |
(a) Any company organized and authorized to transact crop insurance only on or before July 27, 1966 | 100,000 | 150,000 |
(b) Any company organized and authorized to transact crop insurance only after July 27, 1966 | 650,000 | 350,000 |
(12) Marine and transportation | 650,000 | 350,000 |
(13) Miscellaneous | 650,000 | 350,000 |
(14) Homeowners' insurance | 650,000 | 350,000 |
(15) Credit life, health, and accident insurance | 100,000 | 200,000 |
(16) Credit property and casualty insurance | 650,000 | 350,000 |
(17) Annuity | 100,000 | 200,000 |
(18) Surety | 650,000 | 350,000 |
(19) Industrial fire | 200,000 | 100,000 |
(20) All insurances, except life and title or combined capital and surplus1,000,000 | 650,000 | 350,000 |
B. Authority shall be granted stock insurers upon compliance with all applicable requirements to transact combinations of kinds of insurance except as follows: (1) An insurer authorized to transact life insurance shall not be authorized to transact any additional kind of insurance other than: (a) Health and accident insurance.(c) Credit life, health, and accident insurance.(2) An insurer authorized to transact title insurance shall not be authorized to transact any additional kind of insurance.C. Domestic stock insurers who apply for a certificate of authority on or after September 1, 1989, shall meet the paid-in capital, minimum surplus, operating surplus, and other requirements of R.S. 22:82.D. Domestic stock insurers authorized to transact homeowners' insurance or fire and allied lines prior to September 1, 1989, shall have paid-in capital, minimum surplus, and operating surplus in the amount of five million dollars on or after December 31, 2026, and ten million dollars on or after December 31, 2031.Acts 1958, No. 125. Amended by Acts 1958, No. 101, §1; Acts 1960, No. 139, §1; Acts 1966, No. 234, §1; Acts 1980, No. 470, §1; Acts 1980, 2nd Ex.Sess., No. 6, §1, eff. Sept. 15, 1980; Acts 1983, 1st Ex.Sess., No. 1, §6; Acts 1985, No. 718, §1, eff. Sept. 1, 1985; Acts 1989, No. 562, §1; Redesignated from R.S. 22:71 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.Former R.S. 22:81 redesignated as R.S. 22:93 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.