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Regular Session, 2014
HOUSE BILL NO. 879
BY REPRESENTATIVE THIBAUT
INSURANCE: Provides relative to insurance holding companies
AN ACT1
To amend and reenact R.S. 22:691.6(A)(2), (J)(2), and (L), 691.10(A) and (D), and R.S.2
44:4.1(B)(11), relative to insurance holding companies; to provide that annual3
registration statements are due on April 30 for the previous calendar year; to provide4
an exemption for filing an annual enterprise risk report for certain insurers; to5
provide an exemption from the Public Records Law; and to provide for related6
matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 22:691.6(A)(2), (J)(2), and (L) and 691.10(A) and (D) are hereby9
amended and reenacted to read as follows: 10
§691.6. Registration of insurers11
A. Registration.12
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(2) Any insurer which is subject to registration under this Section shall14
register within fifteen days after it becomes subject to registration, and annually15
thereafter by the first thirtieth of April of each year for the previous calendar year,16
unless the commissioner for good cause shown extends the time for registration, and17
then within the extended time. The commissioner may require any insurer18
authorized to do business in the state which is a member of an insurance holding19
company system, and which is not subject to registration under this Section, to20
furnish a copy of the registration statement, the summary specified in Subsection C21 HLS 14RS-1378 ORIGINAL
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of this Section, or other information filed by the insurance company with the1
insurance regulatory authority of its domiciliary jurisdiction.2
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J. Exemptions.4
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(2) Unless it appears in the discretion of the commissioner that the condition6
of a small company renders the continuance of its business hazardous to the public7
or its insureds, a small company shall not be required to submit to the department a8
registration statement required by this Section, but shall be considered a registered9
insurer for the purposes of the provisions of Subsection E of this Section, R.S.10
22:704(A), 22:691.7(A) and 705 691.8.11
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L. Enterprise risk filing.13
(1) The ultimate controlling person of every insurer subject to registration14
shall also file an annual enterprise risk report. The report shall, to the best of the15
ultimate controlling person's knowledge and belief, identify the material risks within16
the insurance holding company system that could pose enterprise risk to the insurer.17
The report shall be filed with the lead state commissioner of the insurance holding18
company system as determined by the procedures within the Financial Analysis19
Handbook adopted by the National Association of Insurance Commissioners. The20
provisions of this Section shall become effective for the 2014 calendar year report21
filing cycle.22
(2) The requirement of Paragraph (1) of this Subsection to file an annual23
enterprise risk report shall not apply to insurers with annual direct written and24
assumed premiums of less than five hundred million dollars excluding premiums25
reinsured with the Federal Crop Insurance Corporation or the Federal Flood26
Program. Notwithstanding the premium threshold in this Paragraph, the27
commissioner may require an insurer to file a management’s report of internal28 HLS 14RS-1378 ORIGINAL
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control over financial reporting if the insurer is in any risk-based capital level event1
or is deemed to be in a hazardous financial condition.2
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§691.10. Confidential treatment4
A. Documents, materials, or other information in the possession or control5
of the Department of Insurance that are obtained by or disclosed to the commissioner6
or any other person in the course of an examination or investigation made pursuant7
to R.S. 22:691.8 and all information reported pursuant to R.S. 22:691.4(B)(12) and8
(13), 691.6, and 691.7 this Subpart shall be confidential by law and privileged, shall9
not be subject to subpoena, and shall not be subject to discovery or admissible in10
evidence in any private civil action. However, the commissioner is authorized to use11
the documents, materials, or other information in the furtherance of any regulatory12
or legal action brought as a part of the commissioner's official duties. The13
commissioner shall not otherwise make the documents, materials, or other14
information public without the prior written consent of the insurer to which it15
pertains unless the commissioner, after giving the insurer and its affiliates who16
would be affected thereby notice and opportunity to be heard, determines that the17
interest of policyholders, shareholders, or the public will be served by the publication18
thereof, in which event the commissioner may publish all or any part in such manner19
as may be deemed appropriate.20
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D. The sharing of information by the commissioner pursuant to this Act22
Subpart shall not constitute a delegation of regulatory authority or rulemaking, and23
the commissioner is solely responsible for the administration, execution, and24
enforcement of the provisions of this Subpart.25
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Section 2. R.S. 44:4.1(B)(11) is hereby amended to read as follows:27
§4.1. Exceptions28
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B. The legislature further recognizes that there exist exceptions, exemptions,1
and limitations to the laws pertaining to public records throughout the revised2
statutes and codes of this state. Therefore, the following exceptions, exemptions, and3
limitations are hereby continued in effect by incorporation into this Chapter by4
citation:5
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(11) R.S. 22:2, 14, 31(B), 42.1, 88, 244, 263, 461, 550.7, 571, 572, 572.1,7
574, 618, 639, 691.4, 691.5, 691.10, 732, 752, 753, 771, 834, 1008, 1019.2(B)(5)(a),8
1203, 1460, 1464, 1466, 1546, 1644, 1656, 1723, 1796, 1801,1927, 1929, 1983,9
1984, 2036, 2056, 2085, 2091, 2293, 230310
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DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no
part of the legislative instrument. The keyword, one-liner, abstract, and digest do not
constitute part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and
24:177(E)]
Thibaut HB No. 879
Abstract: Changes the date for filing annual registration statements for insurance holding
companies to April 30; exempts insurers with annual direct written and assumed
premiums of less than $500 million from filing an annual enterprise risk report; and
exempts documents provided to the Dept. of Insurance in the course of an
examination or investigation from the Public Records Law.
Present law requires insurance holding companies to file annual registration statements by
April 1.
Proposed law requires insurance holding companies to file annual registration statements by
April 30.
Present law requires every insurance holding company to file an annual enterprise report.
Proposed law provides an exemption to filing an annual enterprise report for insurers with
annual direct written and assumed premiums of less than $500 million.
Proposed law provides an exemption to the Public Records Law for documents and other
information obtained by or disclosed to the commissioner of insurance in the course of an
examination or investigation.
(Amends R.S. 22:691.6(A)(2), (J)(2), and (L), 691.10(A) and (D), and R.S. 44:4.1(B)(11))