RS 22:431 Purpose; necessity for regulation - Louisiana Statutes

SUBPART O.  SURPLUS LINES

§431.  Purpose; necessity for regulation

This Subpart shall be liberally construed and applied to promote its underlying purposes which include:

(1)  Protecting persons seeking insurance in this state.

(2)  Permitting surplus lines insurance to be placed with reputable and financially sound unauthorized insurers under the provisions of this Subpart.

(3)  Establishing a system of regulation which will permit orderly access to surplus lines insurance in this state and encourage authorized insurers to provide new and innovative types of insurance available to consumers in this state.

(4)  Providing a system through which persons may purchase insurance other than surplus lines insurance, from unauthorized insurers pursuant to this Subpart.

(5)  Protecting revenues of this state.

(6)  Providing a system pursuant to this Subpart which subjects unauthorized insurance activities in this state to the jurisdiction of the insurance commissioner and state and federal courts in suits by or on behalf of the state.

Acts 1997, No. 1340, §1, eff. July 15, 1997; Redesignated from R.S. 22:1248 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.

NOTE:  Former R.S. 22:431 redesignated as R.S. 22:161 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.