This bill amends and reenacts Subpart S of Part I of Chapter 2 of Title 22 of the Louisiana Revised Statutes, creating a comprehensive regulatory framework for captive insurance companies in Louisiana. It introduces definitions for key terms such as "affiliated company," "association captive insurance company," and "pure captive insurance company," while outlining the requirements for their formation, operation, and regulation. The bill emphasizes confidentiality regarding information submitted by these companies, allowing limited disclosure under specific circumstances, and mandates that captive insurance companies obtain a certificate of authority from the commissioner before conducting business. It also sets forth capital and surplus requirements, application processes, and conditions for examinations and enforcement by the commissioner.

Additionally, the bill includes several amendments to existing laws, such as requiring prior approval from the commissioner for dividend payments and distributions, and establishing investment regulations for different types of captive insurance companies. It specifies conditions for reinsurance, prohibits participation in risk-sharing plans, and mandates annual financial reporting and examinations. The legislation also addresses the redomestication of foreign or alien insurers, the establishment of branch captive insurance companies, and the requirements for affiliated reinsurance companies. Furthermore, it allows dormant captive insurance companies to apply for a certificate of dormancy and establishes associated fees, while amending public records laws to include exceptions related to insurance regulations. Overall, the bill aims to enhance regulatory oversight and ensure the financial stability of captive insurance companies in Louisiana.

Statutes affected:
HB635 Original: 44:1(B)(11)
HB635 Engrossed: 44:1(B)(11)
HB635 Reengrossed: 44:1(B)(11)
HB635 Re-Reengrossed: 44:1(B)(11)
HB635 Enrolled: 44:1(B)(11)
HB635 Act 313: 44:1(B)(11)