The bill amends R.S. 3:4351.2(B)(1) to enhance the requirements for the Louisiana Timber and Agriculture Transportation Group Self-Insurance Funds. It introduces provisions that allow the fund to submit necessary financial documents in lieu of an audited financial statement, provided these documents are approved by the department to verify the combined net worth of the members. This change aims to ensure the financial solvency of the fund while maintaining the ability to promptly pay claims related to timber and agriculture transportation vehicle coverage.

Additionally, the bill directs the Louisiana State Law Institute to make technical changes, including renaming the fund from "Louisiana Timber and Agriculture Transportation Group Self-Insurance Funds" to "Louisiana Agriculture Transportation Group Self-Insured Fund" and clarifying that only one fund is authorized under this part of the law. It also corrects a reference in R.S. 3:4351.6(A) regarding statutory citations. The bill will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

Statutes affected:
SB67 Original: 3:2(B)(1)
SB67 Engrossed: 3:2(B)(1)
SB67 Reengrossed: 3:2(B)(1)
SB67 Enrolled: 3:2(B)(1)
SB67 Act 191: 3:2(B)(1)