The 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, allowing limited disclosure of certain records under specific circumstances, and mandates fees for the application process. It also establishes capital and surplus requirements for different types of captive insurance companies, including a minimum of $250,000 for pure captives and $1 million for risk retention groups.

Additionally, the bill introduces several amendments to existing laws, including a conflict of interest policy for company officers and directors, and provisions for the redomestication of foreign insurers. It sets forth requirements for branch captive insurance companies, including security for liabilities and annual reporting. The bill also addresses affiliated reinsurance companies and dormant captive insurance companies, establishing minimum capital requirements and application processes for dormancy. Overall, the legislation aims to enhance regulatory oversight, ensure financial stability, and facilitate compliance within the captive insurance sector 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)