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Code · Louisiana · Title 22 — Insurance

RS 22:309

434 words·~2 min read·/la/title-22/22-214

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RS 22:309
§309. Foreign or alien society; admission
A. No foreign or alien society shall transact business in this state without a license issued by the commissioner of insurance. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this Subpart applicable to domestic societies. Any such society may be licensed to transact business in this state upon filing the following with the commissioner of insurance:
(1)A duly certified copy of its articles of incorporation.
(2)A copy of its bylaws, certified by its secretary or corresponding officer.
(3)A power of attorney to the secretary of state as prescribed in R.S. 22:314.
(4)A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner of insurance, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner of insurance of this state.
(5)Certification from the proper official of its home, state, territory, province, or country that the society is legally incorporated and licensed to transact business therein.
(6)Copies of its certificate forms.
(7)Such other information as the commissioner of insurance may deem necessary and upon a showing that its assets are invested in accordance with the provisions of this Subpart.
B. After approval by the commissioner of insurance and upon filing with the secretary of state of a duly certified copy of its articles of incorporation and bylaws, certified by its secretary or corresponding officer, and a power of attorney as hereinabove provided, the commissioner of insurance shall issue a license to such society to do business in this state until the following April first, and such license shall upon compliance with the provisions of this Section be renewed annually, but in all cases to terminate on the succeeding April first; however, the license shall continue in full force and effect until the new license is issued or specifically refused.
Each foreign society shall pay the commissioner of insurance twenty-five dollars for each such license or renewal.
C. If the commissioner of insurance refuses to license any society, he shall reduce his ruling, order, or decision to writing and file the same in his office, and shall furnish a copy thereof, together with a statement of his reasons thereof, to the secretary, or other corresponding officer of the society.
Acts 1958, No. 125. Acts 1987, No. 470, §1, eff. Jan. 1, 1988; Redesignated from R.S. 22:569 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
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