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 of records submitted by these companies, allowing limited disclosure under specific circumstances, and mandates the payment of associated application fees. It also establishes capital and surplus requirements for different types of captive insurance companies and details the conditions under which the commissioner may refuse or revoke a company's certificate of authority.

Additionally, the bill introduces several amendments to existing laws, including the requirement for captive insurance companies to obtain prior approval from the commissioner for dividend payments and distributions. It specifies investment regulations for association captives while allowing more flexibility for pure captives, and imposes restrictions on reinsurance activities. The bill also addresses the establishment of branch captive insurance companies, the requirements for dormant captive insurance companies, and the operational guidelines for affiliated reinsurance companies. Overall, the legislation aims to enhance regulatory oversight, ensure financial stability, and clarify operational standards for captive insurance entities 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)